Bill > SB491

This bill establishes the Accessory Dwelling Unit (ADU) Financing and Deed Restriction Program, administered by the Hawaii Housing Finance and Development Corporation, to help homeowners and homebuyers construct additional housing units on their properties. The program allows counties to allocate funds to purchase equity and deed restrictions for accessory dwelling units, with specific eligibility requirements for participants. Eligible homeowners must be Hawaii residents who work at least 30 hours per week, agree to place deed restrictions on their property, and meet other qualifications. The deed restriction requires that the property be occupied by someone working in Hawaii, retired, or disabled. The program aims to create more affordable housing by incentivizing the construction of additional dwelling units on existing residential properties. The bill also provides tax exemptions for properties with these deed restrictions and allows counties to negotiate the purchase of these restrictions. Counties will be responsible for validating compliance, and homeowners must repay the corporation's investment within 30 years or upon selling the property. The ultimate goal is to increase housing availability for local workers and residents by creating more accessible and affordable housing options.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=491&year=2026