| 47 | | - | PART I SECTION 1. The legislature finds that the biggest expense for any individual or family is the cost of housing or shelter. Within the last decade, it has become increasingly difficult for individuals and families to save for a down payment on a home or pay their mortgage or rent. In 2021, housing markets saw a fifteen per cent increase in the cost of single-family homes and a thirteen per cent increase in the cost of condominiums compared to 2020. The cost of housing in Hawaii has rapidly increased, effectively pricing out local renters and homeowners. Current real estate trends show there is a need to provide more affordable housing. The legislature further finds that the rising cost of housing in the State may disproportionately affect vulnerable populations, including the elderly, persons who are homeless, or those struggling to find affordable housing. Vulnerable populations may have fixed incomes or experience continually rising rents that become unaffordable. Safe, affordable housing not only allows individuals and families to live and thrive in Hawaii, it also prevents many individuals and families from experiencing homelessness. The legislature finds that Act 127, Session Laws of Hawaii 2016, established a goal of developing twenty-two thousand five hundred affordable rental units statewide to be ready for occupancy by December 31, 2026, and created a special action team on affordable rental housing, led by the director of the office of planning, to recommend actions to achieve this goal. In July 2018, the special action team published its "Affordable Rental Housing Report and Ten-Year Plan", which identified state, county, and private lands suitable for rental housing that is affordable for low- and moderate-income families, and categorized them into three tiers of suitability and readiness for development. The purpose of this part is to: (1) Require the Hawaii housing finance and development corporation, with the assistance of the governor's coordinator on homelessness, to: (A) Determine whether any of the lands identified in the Affordable Rental Housing Report and Ten-Year Plan are suitable for the development of temporary housing for the ohana zones pilot program or other forms of affordable housing; and (B) Provide recommendations on the actions required to develop the lands into temporary housing for the ohana zones pilot program or other forms of affordable housing; and (2) Appropriate general funds into the rental housing revolving fund and an amount out of the revolving fund to be used for projects in each county. SECTION 2. (a) The Hawaii housing finance and development corporation, with the assistance of the governor's coordinator on homelessness, shall: (1) Review the Affordable Rental Housing Report and Ten‑Year Plan issued by the special action team on affordable rental housing in July 2018; (2) Determine whether any of the lands identified in the Affordable Rental Housing Report and Ten-Year Plan report are suitable for development of temporary housing for the ohana zones pilot program or other forms of affordable housing; and (3) Determine the actions required to develop the lands into temporary housing for the ohana zones pilot program or other forms of affordable housing. (b) The Hawaii housing finance and development corporation shall submit a report of its findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2023. SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2022-2023 to be deposited into the rental housing revolving fund established pursuant to section 201H-202, Hawaii Revised Statutes. SECTION 4. There is appropriated out of the rental housing revolving fund established pursuant to section 201H-202, Hawaii Revised Statutes, the sum of $ or so much thereof as may be necessary for fiscal year 2022-2023 for the purposes for which the revolving fund was established. The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this part. PART II SECTION 5. (a) The Hawaii housing finance and development corporation shall establish a five-year dwelling unit revolving fund equity pilot program to address the high, unmet demand of for-sale units by Hawaii residents, specifically those residents earning more than eighty per cent and up to one hundred twenty per cent of the area median income. (b) The Hawaii housing finance and development corporation shall purchase equity in for-sale housing development projects; provided that this equity shall be allocated to specific units within the housing development projects and the price to be paid by each eligible buyer of a unit shall be reduced by the Hawaii housing finance and development corporation's equity amount for that unit. (c) If a buyer sells the buyer's unit within thirty years of the date of the buyer's purchase of the unit, then at the time of the sale, the buyer shall repay to the Hawaii housing finance and development corporation the corporation's appreciated equity value; provided that if the buyer does not sell the unit within thirty years of the date of the buyer's purchase of the unit, then before the expiration of this thirty‑year period, the buyer shall repay to the Hawaii housing finance and development corporation the corporation's appreciated equity value; provided further that this requirement shall run with the deed for each unit until the obligation to repay the appreciated equity value has been satisfied. (d) The Hawaii housing finance and development corporation shall establish rules pursuant to chapter 91, Hawaii Revised Statutes, to effectuate the purpose of this section, including rules establishing the methods by which appreciated equity values shall be calculated, assessed, and satisfied. (e) The Hawaii housing finance and development corporation shall submit interim reports on the dwelling unit revolving fund equity pilot program to the legislature no later than twenty days prior to the convening of the regular sessions of 2023, 2024, 2025, 2026, and 2027. The Hawaii housing finance and development corporation shall submit a final report on the dwelling unit revolving fund equity pilot program to the legislature no later than twenty days prior to the convening of the regular session of 2028. (f) As used in this section: "Housing development project" means a plan, design, or undertaking by the Hawaii housing finance and development corporation or an eligible developer for the development of units. "Housing development project" includes all real and personal property, buildings and improvements, commercial space, lands for farming and gardening, community facilities acquired or constructed or to be acquired or constructed, and all tangible or intangible assets held or used in connection with the housing development project. "Unit" means: (1) The structure and land upon which the structure is constructed, whether on fee simple or leasehold property, developed for residential purposes pursuant to chapter 201H, Hawaii Revised Statutes; or (2) Improved or unimproved real property that is developed for residential purposes pursuant to chapter 201H, Hawaii Revised Statutes. "Unit" includes dwelling units. SECTION 6. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2022-2023 to be deposited into the dwelling unit revolving fund. SECTION 7. There is appropriated out of the dwelling unit revolving fund the sum of $ or so much thereof as may be necessary for fiscal year 2022-2023 for the dwelling unit revolving fund equity pilot program established pursuant to this part. The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this part. PART III SECTION 8. This Act shall take effect on July 1, 2050. |
|---|
| 47 | + | PART I SECTION 1. The legislature finds that the biggest expense for any individual or family is the cost of housing or shelter. Within the last decade, it has become increasingly difficult for individuals and families to save for a down payment on a home or pay their mortgage or rent. In 2021, housing markets saw a fifteen per cent increase in the cost of single-family homes and a thirteen per cent increase in the cost of condominiums compared to 2020. The cost of housing in Hawaii has rapidly increased, effectively pricing out local renters and homeowners. Current real estate trends show there is a need to provide more affordable housing. The legislature further finds that the rising cost of housing in the State may disproportionately affect vulnerable populations, including the elderly, persons who are homeless, or those struggling to find affordable housing. Vulnerable populations may have fixed incomes or experience continually rising rents that become unaffordable. Safe, affordable housing not only allows individuals and families to live and thrive in Hawaii, it also prevents many individuals and families from experiencing homelessness. The legislature finds that Act 127, Session Laws of Hawaii 2016, established a goal of developing twenty-two thousand five hundred affordable rental units statewide to be ready for occupancy by December 31, 2026, and created a special action team on affordable rental housing, led by the director of the office of planning, to recommend actions to achieve this goal. In July 2018, the special action team published its "Affordable Rental Housing Report and Ten-Year Plan", which identified state, county, and private lands suitable for rental housing that is affordable for low- and moderate-income families, and categorized them into three tiers of suitability and readiness for development. The purpose of this part is to: (1) Require the Hawaii housing finance and development corporation, with the assistance of the governor's coordinator on homelessness, to: (A) Determine whether any of the lands identified in the Affordable Rental Housing Report and Ten-Year Plan are suitable for the development of temporary housing for the ohana zones pilot program or other forms of affordable housing; and (B) Provide recommendations on the actions required to develop the lands into temporary housing for the ohana zones pilot program or other forms of affordable housing; and (2) Appropriate general funds into the rental housing revolving fund and an amount out of the revolving fund to be used for projects in each county. SECTION 2. (a) The Hawaii housing finance and development corporation, with the assistance of the governor's coordinator on homelessness, shall: (1) Review the Affordable Rental Housing Report and Ten‑Year Plan issued by the special action team on affordable rental housing in July 2018; (2) Determine whether any of the lands identified in the Affordable Rental Housing Report and Ten-Year Plan report are suitable for development of temporary housing for the ohana zones pilot program or other forms of affordable housing; and (3) Determine the actions required to develop the lands into temporary housing for the ohana zones pilot program or other forms of affordable housing. (b) The Hawaii housing finance and development corporation shall submit a report of its findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2023. SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $300,000,000 or so much thereof as may be necessary for fiscal year 2022-2023 to be deposited into the rental housing revolving fund established pursuant to section 201H-202, Hawaii Revised Statutes. SECTION 4. There is appropriated out of the rental housing revolving fund established pursuant to section 201H-202, Hawaii Revised Statutes, the sum of $300,000,000 or so much thereof as may be necessary for fiscal year 2022-2023 for the purposes for which the revolving fund was established. The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this part. PART II SECTION 5. (a) The Hawaii housing finance and development corporation shall establish a five-year dwelling unit revolving fund equity pilot program to address the high, unmet demand of for-sale units by Hawaii residents, specifically those residents earning more than eighty per cent and up to one hundred twenty per cent of the area median income. (b) The Hawaii housing finance and development corporation shall purchase equity in for-sale housing development projects; provided that this equity shall be allocated to specific units within the housing development projects and the price to be paid by each eligible buyer of a unit shall be reduced by the Hawaii housing finance and development corporation's equity amount for that unit. (c) If a buyer sells the buyer's unit within thirty years of the date of the buyer's purchase of the unit, then at the time of the sale, the buyer shall repay to the Hawaii housing finance and development corporation the corporation's appreciated equity value; provided that if the buyer does not sell the unit within thirty years of the date of the buyer's purchase of the unit, then before the expiration of this thirty‑year period, the buyer shall repay to the Hawaii housing finance and development corporation the corporation's appreciated equity value; provided further that this requirement shall run with the deed for each unit until the obligation to repay the appreciated equity value has been satisfied. (d) The Hawaii housing finance and development corporation shall establish rules pursuant to chapter 91, Hawaii Revised Statutes, to effectuate the purpose of this section, including rules establishing the methods by which appreciated equity values shall be calculated, assessed, and satisfied. (e) The Hawaii housing finance and development corporation shall submit interim reports on the dwelling unit revolving fund equity pilot program to the legislature no later than twenty days prior to the convening of the regular sessions of 2023, 2024, 2025, 2026, and 2027. The Hawaii housing finance and development corporation shall submit a final report on the dwelling unit revolving fund equity pilot program to the legislature no later than twenty days prior to the convening of the regular session of 2028. (f) As used in this section: "Housing development project" means a plan, design, or undertaking by the Hawaii housing finance and development corporation or an eligible developer for the development of units. "Housing development project" includes all real and personal property, buildings and improvements, commercial space, lands for farming and gardening, community facilities acquired or constructed or to be acquired or constructed, and all tangible or intangible assets held or used in connection with the housing development project. "Unit" means: (1) The structure and land upon which the structure is constructed, whether on fee simple or leasehold property, developed for residential purposes pursuant to chapter 201H, Hawaii Revised Statutes; or (2) Improved or unimproved real property that is developed for residential purposes pursuant to chapter 201H, Hawaii Revised Statutes. "Unit" includes dwelling units. SECTION 6. There is appropriated out of the general revenues of the State of Hawaii the sum of $10,000,000 or so much thereof as may be necessary for fiscal year 2022-2023 to be deposited into the dwelling unit revolving fund. SECTION 7. There is appropriated out of the dwelling unit revolving fund the sum of $10,000,000 or so much thereof as may be necessary for fiscal year 2022-2023 for the dwelling unit revolving fund equity pilot program established pursuant to this part. The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this part. PART III SECTION 8. This Act shall take effect on July 1, 2050. |
|---|