HAR §15-218-46. Cash-in-lieu

The authority, at its sole discretion, may allow a developer to provide a cash payment in lieu of providing the required reserved housing units. The amount of such cash-in- lieu payment shall be the higher of: (1) Seven percent of the gross revenue of the development project; or (2) The difference between the average fair market value of the unit in the development project and the average reserved housing unit sale price in the development project multiplied by the number of reserved housing units required. For determining a partial cash-in-lieu payment, a proportional formula shall be utilized. [Eff 7/9/2018; am and comp JUN 2 5 2021] (Auth: HRS §§206E-4, 206E-5, 206E-7) (Imp: HRS §§206E-4, 206E-5, 206E-7) §15-218-47 Effects of subsequent rule amendments. (a) In the case of subsequent rule amendments, reserved housing and workforce housing owners shall be permitted at their election to: (1) Remain subject to the rules in effect at the time of the purchase of the unit; or (2) Be governed by the amended rules. 218-26 §15-218-47 §15-218-54 (b) The authority or any other entity that the authority transfers the reserved housing or workforce housing to shall notify all reserved housing or workforce housing owners of any change made by law, ordinance, rule, or regulation within one hundred eighty days of the changes. The notice shall clearly state the enacted or proposed new provisions, the date upon which they are to be effective and offer to each owner of reserved housing units constructed and sold prior to the effective date, an opportunity to be governed by the new provision. (c) No reserved housing or workforce housing unit owner shall be entitled to modify the restrictions or conditions on use, transfer, or sale of the reserved housing or workforce housing unit, without the written permission of the holder of a duly-recorded first mortgage on the unit and the owner of the fee simple or leasehold interest in the land underlying the unit. (d) This section shall apply to all reserved housing and workforce housing units developed, constructed, and sold pursuant to this chapter. [Eff 11/11/11; §15-218-43; am, ren §15-218-47, and comp JUN 2 5 2021 ] (Auth: HRS §§206E-4, 206E-5, 206E-7) (Imp: HRS §§206E-4, 206E-5, 206E-7) §15-218-48 Fees for administering reserved housing and workforce housing program. The authority may establish, revise, charge, and collect fees, premiums, and charges as necessary, reasonable, or convenient, for administering its reserved housing and workforce housing program. At the beginning of each fiscal year the executive director shall publish a schedule of fees for administering the reserved housing and woJlflt~~lfiflusing program. [Eff 7/9/2018; am and comp ] (Auth: HRS §§206E-4, 206E- 5, 206E-7) (Imp: HRS §§206E-4, 206E-5, 206E-7) §§15-218-49 to 15-218-54 (Reserved) 218-27 33 97 §15-218-55 §15-218-55 SUBCHAPTER 4 WORKFORCE HOUSING PROJECT(S) - REPEALED §15-218-55 REPEALED [R 7/9/2018] Amendments to and compilation of chapter 218, title 15, Hawaii Administrative Rules, on the Summary Page dated May 5, 2021, were adopted on May 5, 2021, following public hearings held on April 7, 2021 and May 5, 2021, after public notice was given in the Honolulu Star Advertiser, The Maui News, West Hawaii Today, Hawaii-Tribune Herald, and the Garden Isle on March 5, 2021. They shall take effect ten days after filing with the Office of the Lieutenant Governor. APPROVED AS TO FORM: \.I'I - John P. Whalen Chairperson Hawaii Community Development Authority Governor State of Hawaii Date: 6- lS-1--l Filed 218-28