Setting up a county land trust for affordable housing

The County shall establish a Kaua'i community housing land trust that shall manage rental units and limited equity housing cooperatives, administer limited appreciation leasehold estate sales, and develop new rental, cooperative, and leasehold housing units. The community housing land trust shall be responsible to maintain the housing units under its control perpetually affordable for residents of Kaua'i. The fee simple title of County owned or required units that become part of the community housing land trust shall remain with the County with a lease in favor of the community housing land trust. Management of the community housing land trust shall be provided by the County government or a Hawai'i nonprofit corporation. Ownership or management of the community housing land trust shall not be transferred to a foundation or trust.(a) Purchase. The community housing land trust may purchase any land or dwelling units to become part of the community housing land trust.(b) Rental Units. Existing County-owned rental projects may become part of the community housing land trust. Additional rental projects may become part of the community housing land trust through donation or purchase.(c) Limited Equity Cooperative Housing. Any cooperative housing project that limits equity accumulation and maintains the affordability of its housing units may become part of the community housing land trust.(d) Limited Appreciation Leasehold Estate Sales. Homeownership opportunities shall be provided by the community housing land trust through the sale of limited appreciation leasehold estates.(e) Administration.(1) Housing Agency. The initial administration of the community housing land trust shall be performed by the Housing Agency.(2) County Board. On or before the community housing land trust is responsible for 250 rental units and/or 50 cooperative and leasehold sales, the administration of the community housing land trust shall become the responsibility of a seven member Board of Directors composed of the following:(A) Administrative head of the Housing Agency;(B) County Planning Director or Deputy Planning Director;(C) An appointed department head selected by the Mayor;(D) A lending institution official selected by the Mayor;(E) A real estate broker or escrow officer selected by the Mayor;(F) A representative of a homeownership education organization or a representative of a nonprofit housing developer selected by the Mayor; and(G) A community housing land trust resident selected by the Mayor. A community housing land trust resident shall be a renter, shareholder, or lessee residing in any community housing land trust rental project, limited equity cooperative, or leasehold estate.(3) Nonprofit or Semi-Autonomous Organization. On or before the community housing land trust is responsible for 500 rental units and/or 100 cooperative and leasehold sales, and at such time that the community housing land trust becomes financially sustainable, a Kaua'i community housing land trust nonprofit corporation may be created or the County may establish the semi-autonomous community housing land trust as the organization to administer and manage the community housing land trust.