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H OUSING §11-9 (b) Before obtaining final plan approval for any resort, hotel, or industrial project, or not-for-sale residential project subject to the affordable housing requirements, the applicant shall enter into an agreement with the County that the affordable housing requirements will be met before the issuance of a certificate of occupancy for the project. (c) All agreements shall be recorded against the property. (d) All for-sale affordable units and lots shall be sold only to eligible buyers during a ninety-day preferential marketing period. (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 housing administrator may authorize the County to purchase any unsold unit or lot at the affordable sales price. (f) For sale units shall be sold on a per unit basis using mortgages where the term is fixed for a minimum of at least fifteen years. (2005, ord 05-23, sec 2; am 2011, ord 11-84, sec 4; am 2014, ord 14-8, sec 3.)11-9 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 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. (2005, ord 05-23, sec 2; am 2014, ord 14-8, sec 4.)11-10 11-7