Bill Text: HI HB525 | 2025 | Regular Session | Amended
Bill Title: Relating To Housing.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced) 2025-02-13 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Kitagawa, Ward excused (3). [HB525 Detail]
Download: Hawaii-2025-HB525-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
525 |
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THIRTY-THIRD LEGISLATURE, 2025 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 201H-181, Hawaii Revised Statutes, is amended by amending its title and subsections (a) and (b) to read as follows:
"[[]§201H-181[]] Rent-to-own program. (a)
The corporation may establish a rent-to-own program under which dwelling
units that are for sale:
(1) In fee simple; or
(2) Leasehold on state or county land under a lease with an initial term of no less than ninety-nine years,
may be rented to program participants. Under this program, the corporation shall credit a portion of the rent received toward the purchase of the unit.
(b) The sales price shall be established at the
beginning of the rental term and shall remain fixed for the first [five]
ten years after the rental agreement is executed. During this period, the participant shall
have the option of purchasing the unit at the designated sales price. If the participant does not elect to purchase
the unit within the [five-year] ten-year period, the renter shall
forfeit the right to continue living in the unit and the unit shall be made
available to another purchaser or renter."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 3000.
Report Title:
Housing; Rent-to-Own Program; Fee Simple; Leasehold
Description:
Clarifies that dwelling units eligible under the Rent-to-Own Program shall be units that are for sale in fee simple or leasehold on state or county land under a lease with an initial term of no less than ninety-nine years. Increases the time the sale price under the program must remain fixed from five years to ten years. Effective 7/1/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
