Establishes a workforce housing regulatory sandbox program to accelerate housing development.
The bill establishes a workforce housing regulatory sandbox program administered by the Hawaii housing finance and development corporation. This program allows for temporary regulatory flexibility for approved workforce housing projects, aiming to address housing shortages and improve affordability. Developers can apply for participation, and the program includes an advisory council to provide nonbinding recommendations. The program is voluntary for counties, and any regulatory waivers granted are project-specific and temporary.
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