Establishes a tax credit program to incentivize the conversion of commercial properties into affordable residential properties in Hawaii.
The bill establishes a tax credit program to incentivize the conversion of commercial properties into affordable residential properties in Hawaii. It aims to address the state's housing shortage by converting underutilized commercial properties into residential units. The program includes binding affordability requirements targeting households earning no more than 80% of the area median income for rental units and no limit for owner-occupied units.
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