SB24

Establishes limited-profit housing associations to create affordable housing in Hawaii.

This bill creates the limited-profit housing association to construct, rehabilitate, and manage affordable housing in Hawaii. The association must be approved by the limited-profit housing council, which oversees its establishment and governance. The association can only charge a fixed price for its affordable housing units, which must be based on construction, operating expenses, and replacement reserves. The association's revenues are reserved in a revolving fund for its limited business activities. The council can revoke an association's status if it is noncompliant.