Bill > SB3335

This bill aims to create a more stable and affordable housing market in Hawaii by ensuring that housing developed with government funds remains affordable to local residents in perpetuity, meaning forever. Currently, housing prices are often influenced by global markets, making them unaffordable for those earning local wages. To address this, the bill proposes to amend existing laws to place permanent deed restrictions on such housing. These restrictions will ensure that when a property is resold, it must be sold at a price that remains affordable to individuals or families earning the same area median income (AMI) as when it was initially purchased. The AMI is a measure of income used to determine eligibility for affordable housing programs, reflecting the median income of a particular geographic area. This change moves away from a ten-year restriction period and a system where prices could increase significantly upon resale, instead establishing a system where affordability is maintained indefinitely for the benefit of Hawaii's residents. The bill also clarifies rules around owner-occupancy requirements and allows for certain waivers in hardship cases, while ensuring that any housing developed without government assistance and intended to augment the affordable housing inventory will be exempt from these specific restrictions.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=3335&year=2026