Residential workforce housing credits

A. Credits may be issued by the director, upon request by the developer, subject to the following: 1. Each residential workforce housing unit constructed in the development must be encumbered by a recorded deed restriction that meets the requirements of this chapter. 2. Each residential workforce housing unit must be sold or rented to an income-eligible individual. 3. Credits may only be issued for each residential workforce housing unit sold or rented to an income-eligible individual in the appropriate income group, which is in excess of the residential workforce housing requirement in section 2.96.040 ; except that for those developments composed of 100 percent residential workforce housing units, only 75 percent of the residential workforce housing units sold or rented to income-eligible individuals will be eligible for credits; and developments composed of 100 percent residential workforce housing units that are to be rented to households whose gross annual family income is 60 percent or less of the area median income as established by HUD, or as adjusted by the department for Hāna, Lāna‘i, and Molokai, will be eligible for credits for each residential workforce housing unit constructed. 4. For those developments developed under chapter 201H, Hawaiʻi Revised Statutes, only those developments composed of 100 percent residential workforce housing units will be eligible to receive credits. Credits may only be issued for those residential workforce housing units sold or rented to income-eligible individuals in the appropriate income groups, in excess of 50 percent of the total number of residential workforce housing units constructed. B. The credit may be used in any community plan area. C. The credit may satisfy the requirement for any type of unit constructed. D. The credit may satisfy the requirement for a unit in any income group. E. The credit may be used for a future development but may not be used for an affordable housing or residential workforce housing unit owed at the time the credit is given. F. The number of credits issued must be in the residential workforce housing agreement. ( Ord. No. 5875 , § 3, 2025; Ord. No. 4780, § 1, 2017 ; Ord. No. 4235, § 1, 2015; Ord. No. 4177, § 7, 2014; Ord. 3418 § 1 (part), 2006)