HI SB903

Establishes the affordable rental housing development program under the Hawaii Housing Finance and Development Corporation to preserve affordable rental housing units.

Authorizes assistance for rehabilitation, acquisition, or preservation of multifamily rental housing for persons and families with incomes at or below eighty percent of median family income.

Requires the corporation to identify properties with expiring HUD or USDA subsidy contracts set to expire on or before January 1, 2012, and contact owners to negotiate renewal or preservation of subsidies.

Gives nonprofit organizations priority to take over expiring subsidy contracts, with additional priority if federal funds are needed for acquisition or rehabilitation.

Requires public housing projects that are redeveloped to maintain or increase the number of affordable units, which must meet the same maintenance standards as other units and not be subject to deferred maintenance.