HI SB741

Authorizes the Hawaii Housing Finance and Development Corporation (HHFDC) to establish a community land trust to sell homes to low- and moderate-income homebuyers.

Enables the community land trust to hold title to land and lease it to low- or moderate-income households under leases designed to preserve long-term affordable housing, with initial terms of up to 99 years.

Grants the community land trust first option to purchase any structural improvements placed on leased land at a formula-determined price ensuring affordability for low- and moderate-income households.

Requires the community land trust to be a member-based nonprofit organization with a board of directors including a majority elected by corporate membership and equal representation of lessees, non-lessee members, and other categories defined in bylaws.

Permits the community land trust to adopt bylaws, acquire and develop property, buy and sell homes and structures, and receive funding from donations, membership fees, the State, counties, and the federal government.