Declaring The Intent That Projects With Housing Units That Qualify For Housing Credits Under Act 31, Session Laws Of Hawaii 2024, Are Still Eligible To Receive Housing Credits After The Repeal Of That Act If The Housing Projects Were Approved By The Hawaii Housing Finance And Development Corporation Before July 1, 2031, And Requesting The Corporation And Each County To Include Certain Information When Approving Housing Projects For Housing Credits.
The resolution specifically requests the Hawaii Housing Finance and Development Corporation (HHFDC) and each county to include essential information concerning housing credits in their approval processes for housing projects. This includes detailing the rights of developers to receive credits, the number of housing units qualifying for credits, and the total available credits. By clarifying these points, HCR78 seeks to eliminate uncertainty that developers might face regarding housing credits post-repeal of Act 31, thus aiming to encourage ongoing and future housing developments.
HCR78 is a House Concurrent Resolution from the Thirty-Third Legislature of Hawaii that addresses the ongoing housing crisis in the state. It emphasizes the intent that housing projects eligible for housing credits under Act 31, Session Laws of Hawaii 2024, will continue to retain their eligibility for these credits even after the scheduled repeal of Act 31 on July 1, 2031. This resolution is particularly significant given the urgency of the housing situation in Hawaii, where numerous housing units are critically needed to meet demand.
The potential impact of HCR78 lies in its role in supporting housing developers amid a severe housing shortage, as recent studies have indicated Hawaii needs over 50,000 additional homes to address its housing crisis. Critics of such resolutions often point to concerns around long-term sustainability and funding for housing credits, especially when tied to economic fluctuations and rising construction costs. Additionally, ensuring that such legislative measures effectively translate into real housing solutions without further complicating the regulatory landscape remains a point of contention.