HB2449 Summary

• Authorizes developers to make cash payments in lieu of providing required reserved housing units in residential projects for the Hawaii Community Development Authority.

• Cash payments made by developers must be deposited into the rental housing revolving fund established under section 201H-202.

• Recognizes Hawaii's severe affordable housing crisis and establishes a goal of building at least 22,000 affordable rental housing units by 2026.

• Amends section 206E-15, Hawaii Revised Statutes, to add new subsection (c) allowing the cash-in-lieu payment mechanism.

• Takes effect on July 1, 2050.