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HI HB764
Bill
Status
1/23/2017
Primary Sponsor
Beth Fukumoto Chang
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AI Summary
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Requires extension of public land leases to a maximum of 75 years for residential leaseholds when needed to meet Federal Housing Administration requirements for affordable housing funding.
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Changes lease extension from optional ("privilege of") to mandatory for residential leaseholds to qualify for federal mortgage lending or guaranty purposes.
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Makes all contracts exceeding $2,000 for development, construction, renovation, or maintenance on state leased land subject to Chapter 104 of Hawaii Revised Statutes.
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Authorizes the Hawaii housing corporation to extend residential leases up to 75 years to meet Federal Housing Administration requirements for affordable housing projects developed through self-help programs.
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Takes effect upon approval.
Legislative Description
Relating To Public Land Leasing.
Affordable Housing
Last Action
The committee(s) on HSG recommend(s) that the measure be deferred.
2/16/2017