Establishes a framework for designating for-sale housing units as permanently affordable in Hawaii.

This bill allows the Hawaii Housing Finance and Development Corporation to designate certain for-sale housing units as permanently affordable, subject to specific restrictions. These units must be sold to eligible buyers and cannot be used for short-term rentals. The corporation has the first option to purchase the property if the owner wishes to transfer it. The bill also clarifies that certain resale and occupancy restrictions apply only to projects developed before a certain date.

Establishes a framework for designating for-sale housing units as permanently affordable in Hawaii.

This bill allows the Hawaii Housing Finance and Development Corporation to designate certain for-sale housing units as permanently affordable, subject to specific restrictions. These units must be sold to eligible buyers and cannot be used for short-term rentals. The corporation has the first option to purchase the property if the owner wishes to transfer it. The bill also clarifies that certain resale and occupancy restrictions apply only to projects developed before a certain date.