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HOUSE OF REPRESENTATIVES |
H.B. NO. |
308 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 1 |
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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:
SECTION 1. The legislature finds that there is a pressing need to have more affordable housing rental units within the State. In the urban core of Honolulu alone, there are thousands of families and individuals that can benefit from the availability of affordable housing rental units.
The legislature further finds that thousands of affordable rental units will be converted to fee simple holdings. Converting these rental units to fee simple holdings will not only result in a substantial increase in the price of the units, but also take away from the inventory of currently available and affordable housing rental units. In light of the economic climate of our State, it is crucial that the availability of affordable housing rental units is, at the very least, maintained. Allowing for an increase in the availability of affordable housing rental units will also have a positive impact on the growing number of homeless in the State. Consequently, protecting the most vulnerable individuals and ensuring those individuals access to affordable housing should be a priority.
The purpose of this Act is to place a two-year moratorium on lease to fee conversions of condominiums to increase the availability of affordable housing rental units for individuals of all income levels in the State.
SECTION 2. (a) There shall be placed a two-year moratorium on lease to fee conversions of condominiums until July 1, 2013. Until that date, the lease to fee conversions of condominiums shall be suspended as of the effective date of this Act.
(b) The Hawaii housing finance and development corporation shall submit a report to the legislature no later than twenty days prior to the convening of the 2013 regular session that shall include the status of affordable rental units that are to be converted to fee simple holdings.
SECTION 3. This Act shall take effect upon its approval.
Report Title:
Affordable Housing; Rental Units; Moratorium
Description:
Places a two-year moratorium on lease to fee conversions of condominiums. Requires the Hawaii Housing Finance and Development Corporation to submit a report to the Legislature.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.