THE SENATE	S.B. NO.	742
TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII

A BILL FOR AN ACT

relating to 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-   Affordable housing; community land trust. Where a development is required to include a number of affordable rental housing units pursuant to this chapter, the required number of affordable rental housing units shall be reduced by fifty per cent if more than half of the available units in the development are owned by or subject to a community land trust.

For purposes of this section, "community land trust" means a nonprofit organization that:

(1) Acquires parcels of land, held in perpetuity, primarily for conveyance under long-term ground leases;

(2) Transfers ownership of any structural improvements located on leased parcels to the lessees; and

(3) Has its corporate membership open to any adult resident of a particular geographic area specified in the organization's bylaws;

(4) Retains a first option to purchase any structural improvement at a price determined by formula that is designed to ensure that the improvement remains affordable to low- and moderate-income households; and

(5) Is governed by a board of directors that:

(A) Includes a majority of members who are elected by the corporate membership; and

(B) Is composed of equal numbers of lessees, corporate members who are not lessees, and any other category of persons described in the bylaws of the organization."

     SECTION 2.  New statutory material is underscored.

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

INTRODUCED BY:

_____________________________

Report Title:

Affordable Housing; Community Land Trust

Description:

Reduces the required number of affordable rental housing units by 50% if more than half of the available units in the development are owned by or subject to a community land trust.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.