Bill Text: HI SB741 | 2016 | Regular Session | Introduced
Bill Title: HHFDC; Community Land Trust; Affordable Housing
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2016-01-21 - Re-Referred to HOU/WLA, WAM. [SB741 Detail]
Download: Hawaii-2016-SB741-Introduced.html
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THE SENATE |
S.B. NO. |
741 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
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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. Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§201H- Community land trust. (a) The corporation shall establish a community land trust for the purpose of selling homes to low- and moderate-income homebuyers.
(b) The community land trust may hold title to land and lease land to members of low- or moderate-income households; provided that:
(1) The lease shall be designed to preserve long-term affordable housing on the land;
(2) The terms of the lease shall give the community land trust the first option to purchase any structural improvement placed on the land; and
(3) The lease may have an initial term of not more than ninety-nine years.
(c) The community land trust shall be a member-based organization and reserve core mission decisions for the members.
(d) The community land trust may:
(1) Adopt, amend, and repeal bylaws governing the conduct of its business;
(2) Execute, in accordance with its bylaws, all instruments necessary or appropriate in the exercise of its powers;
(3) Acquire property for future development pursuant to this section;
(4) Buy and sell homes and related structures pursuant to this section; and
(5) Receive moneys from donations, membership fees, the State, the counties, or the federal government.
(e) For purposes of this section, "community land trust" means a nonprofit organization that:
(1) Acquires parcels of land, held in perpetuity, primarily for conveyance under long-term ground leases;
(2) Transfers ownership of any structural improvements located on leased parcels to the lessees;
(3) Has its corporate membership open to any adult resident of a particular geographic area specified in the organization's bylaws;
(4) Retains a first option to purchase any structural improvement at a price determined by formula that is designed to ensure that the improvement remains affordable to low- and moderate-income households; and
(5) Is governed by a board of directors that:
(A) Includes a majority of members who are elected by the corporate membership; and
(B) Is composed of equal numbers of lessees, corporate members who are not lessees, and any other category of persons described in the bylaws of the organization."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
HHFDC; Community Land Trust; Affordable Housing
Description:
Requires HHFDC to establish a community land trust for the purpose of selling homes to low- and moderate-income homebuyers.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
