BIL 152 Draft 02 2020-2022 - Laserfiche WebLink

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, � COUNTY OF HAWAII `' ' STATE OF HAWAII • BILL NO. 152 (Draft 2) ORDINANCE NO. AN ORDINANCE AMENDING CHAPTER 2, ARTICLE 13, DIVISION 3, SECTION 2-75 OF THE HAWAII COUNTY CODE 1983 (2016 EDITION,AS AMENDED), RELATING TO THE COUNTY HOUSING PROGRAM REVOLVING FUND. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Chapter 2, article 13, division 3, section 2-75, of the Hawai`i County Code 1983 (2016 Edition, as amended), is amended by amending section 2-75 to read as follows: "Section 2-75. ] Use of the County housing program revolving fund. [The revolving fund shall be utilized to pay for items such as: (a)the development of housing, and (b)to exercise the buy back option running in favor of the County contained in any conveyance document and to pay the costs of maintaining, repairing, renting, or reselling units purchased by the County pursuant thereto. Any interest earned by the fund and any advanced costs that are recovered from housing project funds shall be returned to the revolving fund.] (a) The County housing program revolving fund shall be utilized for the following: (1) Planning, design, and development of affordable housing units either by the County or by non-profit housing development partners; (2) Exercising the buy-back option running in favor of the County contained in any conveyance document and to pay the costs of maintaining, repairing, renting, or reselling units purchased by the County pursuant thereto:, (3) Acquisition of vacant land for use as affordable housing,that may be developed by the County or with non-profit partners; (4) Acquisition of existing structures for use as affordable housing; (5) Rehabilitation of existing structures currently in use as affordable housing or acquired by the County to use for affordable housing; (6) Infrastructure to support affordable housing development; (7) Subsidies, grants, and loans to support very low-income, lower-income, and moderate-income households with upfront costs for rental units or mortgage financing; (8) Subsidies, grants, and loans to support very low-income, lower-income, and moderate-income households with rental assistance or mortgage payments to prevent houselessness or foreclosure; or L9) Purchasing of deed restrictions on private properties limiting resale to qualified buyers at resale values for lower-income and moderate-income households in perpetuity as established by the office of housing and community development administrative rules.