Report Title:

Affordable Housing; Condominiums

Description:

Provides exemptions and waivers for condominium developments of 50 units or more per acre of land or developments targeted for low-income households.  (HB1557 HD1)

HOUSE OF REPRESENTATIVES	H.B. NO.	1557
TWENTY-FOURTH LEGISLATURE, 2007		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.  Section 201H-47, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:

     "(c)  The corporation may waive the restrictions prescribed in subsection (a) or (b) if:

     (1)  The purchaser wishes to transfer title to the real property by devise or through the laws of descent to a family member who would otherwise qualify under rules established by the corporation; [or]

     (2)  The sale or transfer of the real property would be at a price and upon terms that preserve the intent of this section without the necessity of the State repurchasing the real property; provided that, in this case, the purchaser shall sell the unit or lot and sell or assign the property to a person who is a "qualified resident" as defined in section 201H-32; and provided further that the purchaser shall pay to the corporation its share of appreciation in the unit as determined in rules adopted pursuant to chapter 91, when applicable[.]; or

(3) The sale or transfer is of new multi-family for-sale condominium developments of fifty units or more per acre, or developments targeted primarily for households with incomes up to sixty per cent of the median family income as determined by the United States Department of Housing and Urban Development."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

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