Report Title:

Housing; Rental or For-sale Developments

Description:

Exempts new multi-family housing condominium developments of 75 units of more from certain state affordable housing requirements.  (HB2662 HD2)

HOUSE OF REPRESENTATIVES	H.B. NO.	2662
TWENTY-FOURTH LEGISLATURE, 2008		H.D. 2
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 be appropriately designated and to read as follows:

     "§201H-  New for-sale developments. Any law to the contrary notwithstanding, new multi-family for-sale housing condominium projects developed subject to this chapter that contain seventy-five units or more per acre on privately-owned lands and are privately financed without federal, state, or county financing assistance or subsidies shall:

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

(2) Be subject to three-year occupancy requirements and transfer restrictions; and

(3) Not be subject to the ten-year transfer restrictions and occupancy requirements of sections 201H-47 and 201H-49."

     SECTION 2.  New statutory material is underscored.

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