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(1) No affordable rental housing classification shall be granted unless <br /> the claimant shall annually have filed with the department of <br /> finance, on or before December 31 preceding the tax year for <br /> which such classification is claimed, a claim for such classification <br /> in such form as shall be prescribed by the department and shall <br /> include but not be limited to rental agreements signed by the renter <br /> or excise tax returns. <br /> (2) No affordable rental housing classification shall be granted unless <br /> and until a Hawai`i County real property tax assessor evaluates the <br /> property and establishes its current market value. <br /> (3) The landowner shall submit a certification of rental rates affirming <br /> that the rental rates charged to all renters on that parcel shall be at <br /> the affordable rental rate and that rate will be maintained for the <br /> calendar year. <br /> (j) Breach of affordable rental housing class. <br /> (1) Rental of any unit during the calendar year at a rate higher than the <br /> affordable rental rate shall breach the classification. <br /> (2) Any conveyance of the parcel or portion of the parcel subject to <br /> conveyance tax under terms of chapter 247, Hawai`i Revised <br /> Statutes, shall breach the classification. <br /> (3) Upon breach of the classification, the tax assessment shall be <br /> cancelled retroactive to the date of the classification, but for not <br /> more than the current year, and all difference in the amount of <br /> taxes that were paid and those that would have been due from the <br /> assessment in the higher classification shall be payable with a ten <br /> percent penalty. <br /> SECTION 3. Material to be repealed is bracketed and stricken. New material is <br /> underscored. In printing this ordinance, the brackets, bracketed and stricken material and <br /> underscoring need not be included. <br /> SECTION 4. Severability. If any provision of this ordinance, or the application thereof to <br /> 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 provision or application, and, <br /> to the end, the provisions of this ordinance are declared to be severable. <br /> 6 <br />