SB490

Establishes the kamaaina homes program to address Hawaii's housing crisis by purchasing deed restrictions on homes to ensure they remain affordable.

The bill establishes the kamaaina homes program to tackle Hawaii's housing affordability crisis. It allows counties to purchase deed restrictions on homes, ensuring they remain affordable for local residents. This program aims to prevent local working residents from leaving the state due to high housing costs. Eligible homeowners or homebuyers must meet specific criteria, such as being a U.S. citizen or resident alien, being at least eighteen years old, and not owning other restricted properties.