ORD 2011-038 2010-2012 - Laserfiche WebLink

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"Section 11 -14. Resale restrictions. The Agency shall establish resale restrictions by rule to ensure that units created under this policy remain affordable. Such rules may include, but not be limited to, buy -back, shared appreciation, and other restrictions. The administrator may be delegated the authority to select the resale restriction applicable to a particular project. Notwithstanding any provision or rule to the contrary, for a period of ten years from the first date of sale of any affordable unit created in satisfaction of the requirements of this Chapter, said unit may only be sold to another eligible buyer in the same or lower median income level as the original purchaser of said unit. Organizations classified under Section 501 (c) of the United States Internal Revenue Code and those that utilize United States Department of Agriculture funding programs are exempt from resale restrictions applicable to eligible buyers in the same or lower median income level." SECTION 3. Severability. If any provision of this ordinance, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or applications of the ordinance which can be given effect without the invalid provision or application, and to this end, the provisions of this ordinance are declared to be severable. SECTION 4. New material is underscored. In printing this ordinance, underscoring need not be included. SECTION 5. This ordinance shall take effect upon its approval. IN RODUCED BY: ' / COUNCIL M R, CO i TY OF HA AI`I Hilo , Hawai`i Date of Introduction: March 2, 2011 [ - - -- Date of 1st Reading: March 2, 2011 Date of 2nd Reading: April 6, 2011 Effective Date: April 25, 2011 REFERENCEI Comm. 108.3 3