Establishes deed restrictions to keep affordable housing units in Hawaii priced for local income levels.

This bill amends Hawaii Revised Statutes to create deed restrictions on affordable housing units developed and sold with government funds or assistance. The restrictions ensure that the housing remains affordable to the initial targeted area median income level in perpetuity. The bill also allows for the waiver of these restrictions under certain conditions, such as when the property is financed under a federally subsidized mortgage program.

Establishes deed restrictions to keep affordable housing units in Hawaii priced for local income levels.

This bill amends Hawaii Revised Statutes to create deed restrictions on affordable housing units developed and sold with government funds or assistance. The restrictions ensure that the housing remains affordable to the initial targeted area median income level in perpetuity. The bill also allows for the waiver of these restrictions under certain conditions, such as when the property is financed under a federally subsidized mortgage program.