S.B. 1244 Summary

• Authorizes the Hawaii Community Development Authority to waive its right of first refusal to repurchase reserved or workforce housing units and transfer that right to a qualified nonprofit housing trust to maintain units as permanently affordable.

• Permits counties to waive their right of first refusal to repurchase privately-developed affordable housing units and transfer repurchase rights to qualified nonprofit housing trusts.

• Authorizes the Hawaii Housing Finance and Development Corporation to waive its first option to repurchase real property and transfer that right to a qualified nonprofit housing trust, with the trust establishing new buyback restrictions to maintain affordability.

• Amends the formula for calculating the maximum purchase price for the Hawaii Housing Finance and Development Corporation's first option to include the corporation's share of net appreciation in the property, determined by administrative rules.

• Requires qualified nonprofit housing trusts to report annually to the relevant government entity by November 30 on the status and use of housing units they manage; takes effect July 1, 2017.