Declaring affordable housing credits perpetual and urging counties to recognize them without expiration dates.

The bill declares the intent that affordable housing credits issued under Hawaii law are perpetual and remain valid until redeemed. It requests counties to align their administrative rules and practices to ensure these credits are not diminished by time limitations or other restrictions. The bill emphasizes that these credits are transferable assets facilitating a continuous pipeline of housing development. It also urges memoranda of agreement between counties and housing development authorities to avoid imposing expiration dates or other time limits on these credits.

Declaring affordable housing credits perpetual and urging counties to recognize them without expiration dates.

The bill declares the intent that affordable housing credits issued under Hawaii law are perpetual and remain valid until redeemed. It requests counties to align their administrative rules and practices to ensure these credits are not diminished by time limitations or other restrictions. The bill emphasizes that these credits are transferable assets facilitating a continuous pipeline of housing development. It also urges memoranda of agreement between counties and housing development authorities to avoid imposing expiration dates or other time limits on these credits.