HI HB948

Increases reserved housing requirements for planned developments on lots of at least 80,000 square feet in the Kakaako community development district mauka area to 50% of countable floor area, increasing to 60% after July 1, 2055.

Defines "reserved housing units" as multi-family dwelling units affordable to families earning not more than 140% of median income for purchase or 100% of median income for rental, with specified bedroom and bathroom configurations.

Allows developers to make in-lieu cash payments to the Hawaii Community Development Authority instead of building reserved housing units for properties less than 80,000 square feet, with payment amounts set by the authority.

Permits developers to transfer excess reserved housing credits to other Kakaako projects at established prices ranging from $60,000 to $150,000 depending on unit type and size, subject to authority approval.

Effective date of July 1, 2050; requires the Hawaii Community Development Authority to adopt implementing rules by January 1, 2010, and temporarily prohibits accepting planned development permit applications for lots of at least 80,000 square feet until rules are adopted.