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"Section 11 -14. Resale restrictions. <br />The Agency shall establish resale restrictions by rule to ensure that units created under this <br />policy remain affordable. Such rules may include, but not be limited to, buy -back, shared <br />appreciation, and other restrictions. The administrator may be delegated the authority to select <br />the resale restriction applicable to a particular project. Notwithstanding any provision or rule to <br />the contrary, for a period of ten years from the first date of sale of any affordable unit created in <br />satisfaction of the requirements of this Chester, said unit may only be sold to another eligible <br />buyer in the same or lower median income level as the original purchaser of said unit. <br />SECTION 3. Severability. If any provision of this ordinance, or the application thereof <br />to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or <br />applications of the ordinance which can be given effect without the invalid provision or <br />application, and to this end, the provisions of this ordinance are declared to be severable. <br />SECTION 4. New material is underscored. In printing this ordinance, underscoring <br />need not be included. <br />SECTION 5. This ordinance shall take effect upon its approval. <br />, Hawai`i <br />Date of Introduction: <br />Date of 1 st Reading: <br />Date of 2nd Reading: <br />Effective Date: <br />REFERENCES Comm: 108 <br />3 <br />