Bill > HCR78

This concurrent resolution addresses uncertainty surrounding housing credits in Hawaii by declaring the legislative intent that housing projects approved by the Hawaii Housing Finance and Development Corporation (HHFDC) before July 1, 2031, will remain eligible to receive housing credits under Act 31, even after the act's repeal. The resolution stems from a significant housing shortage identified in a 2019 study, which found Hawaii needs 50,156 additional homes by 2025, with specific needs across different counties (Honolulu: 22,168 units; Hawaii County: 13,303 units; Maui County: 10,404 units; and Kauai County: 4,281 units). The resolution requests that both the HHFDC and each county include specific details when approving housing projects, such as: a statement about developers' rights to receive housing credits, the number of housing units qualifying for credits, and the total number of housing credits available to be earned. By providing this clarity, the resolution aims to reduce uncertainty for developers and support ongoing efforts to address Hawaii's housing crisis, which has been exacerbated by rising mortgage and construction financing costs.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HCR&billnumber=78&year=2025