Hawaii SB2061 amends laws to ensure residential condominium units in urban redevelopment sites are primarily for owner-occupied use.

Hawaii SB2061 amends existing statutes to ensure that residential condominium units in urban redevelopment sites are primarily for owner-occupied use. The bill mandates that 100% of these units be initially offered for sale to owner-occupants, with a provision to sell up to 40% to qualified residents if unsold after 60 days. It also stipulates that these units cannot be rented or subleased. Owners must meet specific criteria, including not owning other real property while owning a unit.

Hawaii SB2061 amends laws to ensure residential condominium units in urban redevelopment sites are primarily for owner-occupied use.

Hawaii SB2061 amends existing statutes to ensure that residential condominium units in urban redevelopment sites are primarily for owner-occupied use. The bill mandates that 100% of these units be initially offered for sale to owner-occupants, with a provision to sell up to 40% to qualified residents if unsold after 60 days. It also stipulates that these units cannot be rented or subleased. Owners must meet specific criteria, including not owning other real property while owning a unit.