Haw. Code R. § 15-218-46

Current through November, 2024

Section 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.

Haw. Code R. § 15-218-46

[Eff and Comp 7/9/2018] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)

Am and comp 6/25/2021