Hawaii House Bill HB1470

Hawaii 2025 Regular Session

• Introduced: 1/23/25
• Refer: 1/27/25

Caption

Relating To Housing.

Impact

If enacted, HB1470 will significantly impact state housing laws by introducing new financial assistance mechanisms aimed at improving the quality of multi-family rental units. The requirement for property owners to enter into a five-year affordability covenant means that the units will be subject to maximum allowable rent limits, which is intended to promote long-term affordability for residents. The bill outlines compliance measures, including annual tenant income certifications and the right of the corporation to conduct property inspections to ensure adherence to safety standards and eligibility criteria.

Summary

HB1470, relating to housing, establishes the Small Housing Provider Grant Program under the Hawaii Housing Finance and Development Corporation. This program aims to support eligible property owners of multi-family buildings to improve their properties through grants for renovations, repairs, and addressing unsafe living conditions. The bill defines 'eligible property owners' as those whose income is at or below 150% of the median family income according to the U.S. Department of Housing and Urban Development, and specifies that the program is targeted at buildings with between two and fifty rental units.

Contention

While HB1470 aims to improve housing conditions and affordability, potential points of contention may arise around the implementation of funding, the effectiveness of the program, and the adequacy of the designated appropriations. Concerns may also be expressed regarding the balance between state oversight and local control over housing policies. Additionally, there is a possibility of debate surrounding the provisions enforcing the five-year affordability covenant and the implications this may have on property owner autonomy and market dynamics.