Bill > SB749

This bill addresses Hawaii's affordable housing crisis by amending the definition of an "eligible project" for the Hawaii Housing Finance and Development Corporation (HHFDC) to require rental housing projects to maintain fifty percent of their units for low-income tenants in perpetuity, increased from the current twenty percent requirement. The bill's legislative findings highlight the state's critical shortage of affordable housing and its severe impact on vulnerable populations like seniors, low-income workers, and families with children. Drawing inspiration from successful affordable housing policies in states like New York and California, the legislation aims to promote housing equity and ensure long-term housing affordability by mandating that rental housing projects supported by HHFDC maintain a higher percentage of affordable units permanently. This change will help address the housing crisis by creating more stable and accessible housing options for low-income residents, with the goal of aligning Hawaii's housing policies with proven practices in other states that have effectively increased affordable housing availability.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=749&year=2025