Bill > SB490

This bill establishes the Kamaaina Homes Program to address Hawaii's housing crisis by providing a mechanism for counties to purchase voluntary deed restrictions from eligible homeowners or homebuyers. The program aims to create a dedicated housing supply specifically for local residents, particularly essential workers like teachers, police officers, and healthcare providers who are struggling to afford housing in Hawaii. Under the program, homeowners can sell deed restrictions to their county, which will then require that the property be occupied by someone who works an average of 30 hours or more per week at a qualified local business, is retired after working locally for at least ten years, or has a disability after working locally for at least five years. The deed restrictions will run with the land in perpetuity, ensuring that the homes remain accessible to local workers. If a restricted property is sold to a non-resident or rented to a non-resident, the corporation can take legal action and claim 50% of the property's appreciation. The bill is modeled after Vail, Colorado's successful "Vail InDEED" program and is intended to help retain local families, preserve Hawaii's cultural heritage, and combat the ongoing trend of residents leaving the state due to unaffordable housing.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=490&year=2025