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construction of for -rent housing units affordable for qualified <br />households earning no more than 60% of the median, subject to the <br />approval of the administrator of the feasibility, location, and type <br />of project. After the approval of the administrator, the credits are <br />earned upon the donation of the land: 1.0 credit per unit. <br />SECTION 4. Chapter 11, article 1, section 11 -15(e) of the Hawaii County Code (1995 <br />edition), as amended, is amended to read as follows: <br />Section 11 -15. Transfer of Excess Credits. <br />(e) If the project applying for the excess credits was developed with a <br />direct subsidy from the federal, state, or county governments, the <br />administrator shall either (1) discount the excess credits earned by <br />the value of the subsidy, or (2) require that the Agency or other <br />public entity subsidizing the project share equitably in the proceeds <br />from the transfer of the excess credits. If the proiect was developed <br />by a non - profit corporation and sold to qualified households <br />earning not more than 80% of the median, or rented to qualified <br />households earning not more than 60% of the median, the discount <br />shall not exceed 50% of the credits. The administrator may waive <br />these requirements if the project earning the excess credits <br />addresses a critical housing need and the excess credits, in addition <br />to the direct subsidy, are or were a necessary inducement to the <br />construction of the project, or if the excess credits are earned by a <br />non -profit entity that will use the proceeds for the construction of <br />more affordable housing. <br />SECTION 5. Material to be repealed is bracketed and stricken. New material is <br />underscored. In printing this ordinance, the brackets, bracketed material, and underscoring need <br />not be included. <br />SECTION 6. If any provision of this ordinance or the application thereof to any person <br />or circumstances is held invalid, such invalidity shall not affect other provisions or application of <br />this ordinance which can be given effect without the invalid provision or application, and to this <br />end, the provisions of this ordinance are declared to be severable. <br />SECTION 7. This ordinance shall take effect upon its approval. <br />2 <br />