HI SB1266

Directs the Hawaii Housing Finance and Development Corporation to negotiate with owners of Front Street Apartments on Maui to either extend affordable rents through at least 2032 or acquire the property.

Requires 70 units to remain affordable for households at or below 50% of median family income and 71 units for households at or below 60% of median family income, as determined by HUD.

Authorizes the state to use eminent domain to acquire the property if negotiations fail, with condemnation not subject to legislative disapproval.

Requires a report to the legislature by 20 days prior to the 2018 regular session on acquisition efforts and financing recommendations.

Appropriates general revenues for fiscal year 2017-2018 to negotiate, acquire, or commence condemnation, contingent on Maui County matching funds (amounts not specified in bill).