Report Title:

Affordable Housing; 30% Requirement

Description:

Requires new for-sale housing developments to designate thirty per cent of the units as affordable housing for residents in the low- or moderate-income ranges.

THE SENATE	S.B. NO.	758
TWENTY-FIFTH LEGISLATURE, 2009
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.  The purpose of this Act is to increase the development of affordable housing by requiring new for-sale housing developments to designate thirty per cent of the units as affordable housing for residents in the low- or moderate-income ranges.

     SECTION 2.  Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§201H-   Affordable housing; requirement. Any law to the contrary notwithstanding, new for-sale housing developments of        units or more per acre on privately owned lands and privately financed without federal, state, or county financing assistance or subsidies, including tax credits, shall designate thirty per cent of the units as affordable housing for residents in the low- or moderate-income ranges; provided that the affordable housing units shall be subject to the ten-year occupancy requirements and transfer restrictions in sections 201H-47 and 201H-49, respectively.

As used in this section, "affordable housing" means the same as defined under section 201H-57."

     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.  New statutory material is underscored.

     SECTION 5.  This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________