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§ 11-14 H AWAI‘I C OUNTY C ODE <br />Section 11-14. Resale restrictions. <br />The housing administrator shall establish resale restrictions by rule to ensure that <br />units created under this policy remain affordable. Such rules may include, but not be <br />limited to, buy-back, shared appreciation, and other restrictions. The housing <br />administrator may be delegated the authority to select the resale restriction applicable <br />to a particular project. Notwithstanding any provision or rule to the contrary, for a <br />period of ten years from the first date of sale of any affordable unit created in <br />satisfaction of the requirements of this chapter, said unit may only be sold to another <br />eligible buyer in the same or lower median income level as the original purchaser of <br />said unit. Organizations classified under Section 501 (c) of the United States Internal <br />Revenue Code and those that utilize United States Department of Agriculture funding <br />programs are exempt from resale restrictions applicable to eligible buyers in the same <br />or lower median income level. <br />(2005, ord 05-23, sec 2; am 2011, ord 11-38, sec 2; am 2014, ord 14-8, sec 6.)11-14 <br />Section 11-15. Transfer of excess credits. <br />(a) Developers who construct new affordable housing units in excess of any <br />requirements imposed under this chapter or any other requirement may earn <br />“excess credits” which they may transfer to other developers. <br />(b) The developer shall earn the excess credits pursuant to section 11-5(c). <br />(c) To qualify for excess credits, units must be sold or rented to qualified households. <br />The developer shall apply to the administrator for approval of the excess credits. <br />(d) After approval of the excess credits, the developer may transfer the excess credits to <br />any other project that is within the distance established in section 11-5(a)(3), to <br />fulfill part or all of the affordable housing requirements of the other project. The <br />developer shall obtain approval for the transfer of excess credits from the housing <br />administrator before initiating any such transfer. The housing administrator shall <br />validate any such transfer of excess credits upon completion of the transaction. <br />Excess credits that are transferred in violation of this section are voidable at the <br />discretion of the County. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Intentionally left blank. <br />SUPP.16 (7-2024) <br />11-8.2 <br /> <br />