ORD 2014-008 2012-2014 - Laserfiche WebLink

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SECTION 3. Chapter 11, article 1, section 11-9 of the Hawai`i County Code 1983 (2005 Edition, as amended), is amended by amending subsection (e) to read as follows: "(e) If the developer cannot sell the units or lots to eligible buyers during the ninety-day preferential marketing period, there shall be a second ninety-day period wherein the developer shall, in consultation with one or more OHCD-approved homeownership counselors, actively market the unsold units or lots to clients of those homeownership counselors, provided those clients either are or may be qualified to purchase the unsold units or lots. If a unit or lot is not under contract for sale by the end of the one hundred and eighty days, such unit or lot shall be offered for sale to persons who are otherwise eligible, but have previously owned a residence, for an additional period of thirty days. If a unit or lot is not under contract for sale after the two hundred ten-day period, the developer may sell the unit or lot to any person at the affordable sales price. Notwithstanding the foregoing, at any time after the initial ninety-day preferential marketing period, the [Agency] housing administrator may authorize the County to purchase any unsold unit or lot at the affordable sales price." SECTION 4. Chapter 11, article 1, section 11-10 of the Hawai`i County Code 1983 (2005 Edition, as amended), is amended to read as follows: "Section 11-10.Buyer of finished lots. The purchaser of a finished lot that is used to fulfill an affordable housing requirement, and that is sold during the preferential marketing period, shall enter into a binding contract for the construction of a residence on the lot within two years of the date of sale, and complete construction within three years of the date of sale, or, if the purchaser is an owner-builder, shall commence construction within two years and complete construction within three years of the date of sale. During this three-year period, the purchaser may sell only to eligible buyers, as determined by the housing administrator, and the sales price shall not exceed the original purchase price, plus an inflation factor based on the increase in the Consumer Price Index for Honolulu, and reasonable compensation for improvements, if any, made by the purchaser. If the purchaser does not meet these time limits, the purchaser shall offer to sell the lot to the [Agency,] County, or, at the election of the housing administrator, to eligible buyers, at a price that does not exceed the original purchase price, plus an inflation factor based on the Consumer Price Index for Honolulu, plus reasonable compensation for improvements, if any, made by the purchaser." SECTION 5. Chapter 11, article 1, section 11-11 of the Hawai`i County Code 1983 (2005 Edition, as amended), is amended to read as follows: "Section 11-11.Rental units. (a) The [Agency] housing administrator shall determine the affordable rental price for units of various sizes annually. (b) The developer shall enter into an agreement with the County that the rental prices on the units shall be controlled for no less than twenty years after initial occupancy." 5