Bill Text: HI SB749 | 2025 | Regular Session | Introduced
Bill Title: Relating To Housing.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced) 2025-01-21 - Passed First Reading. [SB749 Detail]
Download: Hawaii-2025-SB749-Introduced.html
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THE SENATE |
S.B. NO. |
749 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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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:
The legislature further finds that other states have successfully implemented policies to increase and sustain affordable housing availability. For example, New York City's mandatory inclusionary housing program requires that a portion of units in new developments be permanently affordable, ensuring long-term housing equity and access for low-income residents. Similarly, California's low-income housing tax credit program mandates affordability requirements for a minimum of fifty-five years, creating a lasting impact on housing availability for underserved populations. These programs demonstrate the viability and necessity of long-term affordability requirements and establish precedent for the State to adopt similar measures.
The legislature recognizes that increasing the required percentage of affordable units in rental housing projects supported by the Hawaii housing finance and development corporation (HHFDC) aligns with successful policies in other states and reflects a commitment to equitable housing development. The legislature finds that it is critical for the State to take meaningful steps to address its housing crisis and ensure that public resources dedicated to housing development benefit those most in need.
Accordingly, the purpose of this Act is to increase the supply of affordable rental housing in the State by requiring that rental housing projects maintain in perpetuity at least fifty per cent, rather than the current twenty per cent, of their units for certain low-income tenants to receive assistance under HHFDC's rental assistance program. This measure will promote housing equity, ensure long-term affordability, and align the State with other states with proven practices to address the housing needs of its residents.
SECTION 2. Section 201H-122, Hawaii Revised Statutes, is amended by amending the definition of "eligible project" to read as follows:
""Eligible project" means a rental housing project that:
(1) Is financed by the corporation pursuant to subpart B or D, or that the corporation determines will require rental assistance to make it financially feasible;
(2) Is subject to a regulatory agreement with the corporation;
(3) Maintains
in perpetuity at least [twenty] fifty per cent of its
units for eligible tenants; and
(4) Meets other qualifications as established by rules adopted by the corporation.
Notwithstanding any provision to the contrary, "eligible project" may also include a rental housing project that is financed by the corporation pursuant to subpart A."
SECTION 3. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
HHFDC; Rental Assistance Program; Reserve Percentage
Description:
Requires rental housing projects to maintain, in perpetuity, fifty per cent of the project's units for certain low-income tenants to be eligible for assistance under the Hawaii Housing Finance and Development Corporation's rental assistance program.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
