The Board of Residency consist of five members including the Mayor of the City of Albany or the Mayor's appointee, the Corporation Counsel of the City of Albany or a representative of the Corporation Counsel and three Council members. All members of this Board shall be City of Albany residents. The Board shall meet within 30 days upon receipt of a written request of the Mayor or independently elected or appointed official heading an office, to make a determination granting or denying a one-year waiver of the residency requirement for prospective employees. The granting of the waiver exempts said employee from the provisions of this section for a one-year period. This determination shall be based upon one or more of the following criteria: a) the degree of specialization and professionalism required in any given field of employment; b) the existence of hardship such as may be determined by the Board; and c) the lack of qualified candidates residing within the City. A request for an extension of the waiver may be made and determined in the same manner provided herein for the initial request.