BIL 150 Draft 02 2012-2014 - Laserfiche WebLink

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SECTION 6. Chapter 11, article 1, section 11-14 of the Hawai`i County Code 1983 (2005 Edition, as amended), is amended to read as follows: "Section 11-14. Resale restrictions. The [Agency] housing administrator 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 housing 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 7. Chapter 11, article 1, section 11-19 of the Hawai`i County Code 1983 (2005 Edition, as amended), is amended to read as follows: "Section 11-19. Reports by housing administrator. The housing administrator [shall-make] may provide timely periodic reports to the [Agency] council of all significant actions taken under authority of this chapter, including but not limited to the approval of excess credits, the acceptance of transferred credits, and the choice of resale restrictions." SECTION 8. Material to be repealed is bracketed and stricken. New material is underscored. In printing this ordinance, the brackets, bracketed and stricken material and underscoring need not be included. SECTION 9. 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. 6