Bill > SB165

This bill clarifies the definition of a "qualified nonprofit housing trust" by adding four specific criteria to the existing definition. Under the proposed changes, a qualified nonprofit housing trust must: (1) be registered and in good standing with the State, (2) be recognized by the Internal Revenue Service as a charitable or tax-exempt organization under section 501(c)(3), (3) have the capacity, resources, and mission to carry out the purposes of the housing chapter as determined by the corporation, and (4) exclusively serve qualified residents as defined in section 201H-32 of Hawaii Revised Statutes. The bill aims to provide a more precise and comprehensive definition of nonprofit housing trusts, ensuring that such organizations meet specific standards related to their legal status, tax exemption, operational capabilities, and target population. By adding these explicit requirements, the legislation seeks to enhance the accountability and effectiveness of nonprofit housing trusts in addressing housing needs for qualified residents in Hawaii.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=165&year=2025