Bill > HB1715

This bill aims to create permanently affordable housing by allowing the Hawaii Housing Finance and Development Corporation (HHFDC) to designate certain for-sale housing units as permanently affordable, meaning they will remain affordable across generations. This is a response to current restrictions that allow affordability requirements to expire after ten years, leading to units being sold at market rates and undermining the state's housing investments. The bill clarifies that existing resale and occupancy restrictions will only apply to projects developed before a specific date, and it also updates the definition of a "qualified resident" to streamline eligibility for these housing programs. The HHFDC will establish rules for designating these units, including criteria for eligible buyers, resale restrictions that may involve the HHFDC having the first option to purchase or assign the unit, prohibitions on short-term rentals, and a resale price formula or index to maintain affordability. The bill also amends existing law to clarify that certain resale restrictions apply only to projects developed prior to a certain date.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1715&year=2026