HI HB142

Requires counties to recognize housing units developed by the Department of Hawaiian Home Lands and issue affordable housing credits on a one-credit-for-one-unit basis, with eligibility for additional credits under county ordinances or memoranda of agreement.

Mandates that 25% of monetary proceeds from credit transfers be used by the Department of Hawaiian Home Lands to develop rental properties.

Allows the Department to enter into memoranda of agreement with Kauai County and the City and County of Honolulu to establish conditions for issuance, transfer, and redemption of affordable housing credits, with at least half of Honolulu's credits subject to such agreements.

Extends the sunset date for the affordable housing credits program from June 30, 2015 to July 1, 2019 (4-year extension).

Clarifies that credits apply to housing units for both sale and rental purposes and can satisfy affordable housing obligations county-wide regardless of location, construction time, or other county-specific requirements.