HI HB1553

Directs the Hawaii Housing Finance and Development Corporation to negotiate with the owners of the Front Street Apartments on Maui to either extend affordable rents through at least 2027 or acquire the property for households earning up to 60% of median family income.

Authorizes the state to exercise eminent domain to acquire the Front Street Apartments property if negotiations fail within a reasonable timeframe, without requiring legislative approval for condemnation.

Requires the Hawaii Housing Finance and Development Corporation to submit a report to the legislature by twenty days prior to the 2018 regular session detailing acquisition efforts and financing recommendations.

Appropriates general revenues for fiscal year 2017-2018 to fund negotiations, property acquisition, or condemnation proceedings, contingent on Maui County appropriating matching funds.

Preserves the Front Street Apartments' 142 units as affordable housing for low-income residents after the current owners exercised an option to remove affordability requirements and convert to market-rate rentals.