S.B. 1 Summary

• Establishes the ALOHA homes program (Affordable, Locally Owned Homes for All) to develop low-cost leasehold homes for sale to Hawaii residents on state and county-owned land within one-half mile of public transit stations, including the Honolulu rail transit system.

• Creates an urban redevelopment district within transit-oriented development areas and establishes operational guidelines requiring high-density development, revenue neutrality, mixed-use communities, and prioritization of public transportation and pedestrian access.

• Authorizes the Hawaii Housing Finance and Development Corporation (HHFDC) to sell leasehold interests in residential units for 99-year terms at prices affordable to households at or below 80% of area median income (capped at $300,000), with restrictions on owner-occupancy and resale profit-sharing requirements.

• Limits ALOHA home eligibility to Hawaii residents only, prohibits renting or leasing units, requires owners to sell after five years if they wish to avoid the corporation's right of first refusal, and imposes owner-occupancy verification through biometric technology.

• Exempts ALOHA home sales from general excise tax, exempts HHFDC lands from the definition of public lands (except for ceded lands accounting), and becomes effective July 1, 2050.