HB2328 Summary

• Amends Hawaii Revised Statutes section 201H-47 to clarify the Hawaii Housing Finance and Development Corporation's (HHFDC) first option to purchase affordable housing units during the initial 10-year restriction period.

• Changes the purchase price calculation for HHFDC's first option during years 1-10 to include only the amount previously paid by the purchaser as the corporation's share of appreciation, rather than allowing recalculation of new appreciation.

• Establishes that after 10 years, when HHFDC waives its repurchase option, a qualified nonprofit housing trust has the option to purchase at a price limited to the original cost, improvements, one percent annual simple interest, and the corporation's share of net appreciation as determined by rules.

• Amends Act 159 (Session Laws of Hawaii 2017) section 8 to clarify that the amendments do not affect rights, duties, and obligations that were established through signed contracts or preliminary offering statements filed with the real estate commission before the act's effective date.

• Takes effect upon approval.