Bill Text: HI HB2459 | 2018 | Regular Session | Amended

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Bill Title: Relating To Affordable Housing.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2018-02-23 - The committee(s) on FIN recommend(s) that the measure be deferred. [HB2459 Detail]

Download: Hawaii-2018-HB2459-Amended.html

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HOUSE OF REPRESENTATIVES	H.B. NO.	2459
TWENTY-NINTH LEGISLATURE, 2018		H.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO AFFORDABLE HOUSING.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to part II to be appropriately designated and to read as follows:

     "§201H-    Affordable for-sale or leased housing developments by qualified nonprofit housing trusts.  Notwithstanding any other law to the contrary, affordable housing units that are acquired, developed, financed, or rehabilitated by a qualified nonprofit housing trust pursuant to this chapter shall be exempt from sections 201H-47, 201H-48, 201H-49, and 201H-50; provided that the qualified nonprofit housing trust shall establish owner‑occupancy and buyback restrictions that require the housing units to remain affordable for        years."

     SECTION 2.  This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on January 1, 2050.

 

Report Title:

Affordable Housing; HHFDC; Qualified Nonprofit Housing Trust

 

Description:

Exempts affordable housing units acquired, developed, financed, or rehabilitated by qualified nonprofit housing trusts from the use restrictions and the 10-year owner-occupancy, 10-year buyback, owner qualifications, and shared appreciation equity requirements if the qualified nonprofit housing trust establishes owner-occupancy and buy-back restrictions approved by the Hawaii Housing Finance and Development Corporation.  (HB2459 HD1)

 

 

 

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