HI SB2542

Restores the allocation of conveyance tax collections to the rental housing trust fund from 30% to 50% beginning July 1, 2014.

Modifies Hawaii Revised Statutes Section 247-7 to change the rental housing trust fund allocation: 25% from July 1, 2009 through June 30, 2012; 30% from July 1, 2012 through June 30, 2014; and 50% thereafter.

Maintains existing allocations of 10% to the land conservation fund and adjusts the natural area reserve fund allocation to 25% in each fiscal year after June 30, 2012.

Addresses Hawaii's affordable housing shortage by noting projected needs of over 6,000 ownership units and 13,000 rental units for low-income households through 2016.

Supersedes any conflicting amendments to Section 247-7 made by H.B. No. 2059 or H.B. No. 2101 from the 2014 regular session.