HOUSE OF REPRESENTATIVES

H.B. NO.

2459

TWENTY-NINTH LEGISLATURE, 2018

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to affordable housing.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to part II to be appropriately designated and to read as follows:

     "§201H-     Affordable for-sale or leased housing developments by qualified nonprofit housing trusts.  Notwithstanding any other law to the contrary, affordable housing units that are acquired, developed, financed, or rehabilitated by a qualified nonprofit housing trust pursuant to this chapter shall be exempt from sections 201H-47, 201H-48, 201H-49, and 201H-50; provided that the qualified nonprofit housing trust shall establish owner‑occupancy and buyback restrictions that require the housing units to remain affordable for as long as practicable."

     SECTION 2.  This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Affordable Housing; HHFDC; Qualified Nonprofit Housing Trust

 

Description:

Exempts affordable housing units acquired, developed, financed, or rehabilitated by qualified nonprofit housing trusts from the use restrictions and the 10-year owner-occupancy, 10-year buyback, owner qualifications, and shared appreciation equity requirements if the qualified nonprofit housing trust establishes owner-occupancy and buy-back restrictions approved by the Hawaii Housing Finance and Development Corporation.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.