Report Title:

Housing; Rental or For-Sale Developments

 

Description:

Exempts new multi-family housing condominium developments of seventy-five units or more from certain state and county affordable housing requirements. (SD1)

 


THE SENATE

S.B. NO.

2293

TWENTY-FOURTH LEGISLATURE, 2008

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

"201H- New rental or for-sale developments. Any law to the contrary notwithstanding, new multi-family for-sale housing condominium developments of seventy-five units or more per acre on privately owned lands and 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 occupancy requirements and transfer restrictions in sections 201H-47 and 201H-49, respectively."

SECTION 2. New statutory material is underscored.

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