Report Title:

Affordable Housing; Condominiums

Description:

Provides exemptions and waivers for condominiums developments of 50 units or more per acre of land.

HOUSE OF REPRESENTATIVES	H.B. NO.	1557
TWENTY-FOURTH LEGISLATURE, 2007
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-    New condominium developments on privately owned lands; waiver of restrictions; affordable housing requirements. (a)  New multi-family housing for-sale condominium developments of fifty units or more per acre on privately-owned lands or lands owned temporarily by the government for a period of less than twelve months as a facilitator of affordable housing shall:

(1) Be exempt from the corporation's shared appreciation equity program; and

(2) Be subject to three year occupancy requirements and transfer restrictions, instead of the ten year occupancy requirements and transfer restrictions set forth in sections 201H-47 and 201H-49.

(b)  State and county affordable housing requirements may be satisfied with an affordable multi-family housing development of fifty or more units pre acre, which shall not be required to be on the same parcel of land as the market-priced housing development; provided that both developments are located on the same island."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.

INTRODUCED BY:

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