Requires developers to share a portion of profits with tenants in housing projects receiving certain exemptions.
The bill addresses Hawaii's housing crisis by requiring developers of housing projects exempt from certain taxes or receiving specific exemptions to enter into profit-sharing agreements with tenants. If the developer sells the project, tenants receive a prorated share of 20% of the sale price based on their tenure. This aims to help local families build equity in homes of their own by reinvesting profits in Hawaii's economy. The requirement applies to housing projects approved after the bill's effective date.
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