Bill > HB1473

This bill aims to preserve affordable housing in Hawaii by establishing new requirements for landlords of properties that have received low-income housing tax credits. The bill mandates that when these affordable housing properties are set to transition out of their tax credit restrictions, landlords must provide a 12-month notice to tenants, local government officials, affordable housing nonprofits, and community land trusts about the potential sale of the property. During a 45-day period after this notice, the landlord is prohibited from accepting offers from anyone except "eligible parties," which include tenants, housing agencies, nonprofits, and community land trusts. If the landlord receives a bona fide offer from a non-eligible party, these eligible parties have 60 days to submit a matching offer, with tenants receiving priority. The bill also establishes a tiered conveyance tax structure for these property sales, with lower tax rates applied when the property is sold to an eligible party and higher rates for sales to other entities. The tax rates vary based on the property's value, ranging from 30 cents to $1 per $100 for sales to eligible parties, and 45 cents to $1.30 per $100 for sales to other parties. The overall goal is to prevent the displacement of local working families and preserve affordable housing stock by giving tenants and community organizations the first opportunity to purchase these properties.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1473&year=2026