Establishes a rent-to-own program for dwelling units in Hawaii.
This bill amends Hawaii Revised Statutes to establish a rent-to-own program for dwelling units. The program allows participants to rent units that are either in fee simple or leasehold on state or county land with a lease term of at least ninety-nine years. Participants can credit a portion of their rent toward the purchase of the unit. The sales price is fixed for the first ten years, after which participants can purchase the unit at this price. If the participant does not purchase within this period, they forfeit their right to the unit.
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