HB 2470 Summary

• Directs the Hawaii Housing Finance and Development Corporation (HHFDC) to take title to a 15.418-acre parcel in Honokaa, Hawaii County (TMK No. (3) 4-5-010:122), provided HHFDC determines the parcel is suitable for residential development after completing due diligence.

• Requires HHFDC to conduct a feasibility study to determine if the parcel is suitable for affordable rental housing, including analysis of market demand, plans and designs, legal impediments, public-private partnership options, and funding requirements.

• Mandates HHFDC submit the feasibility study to the Governor and Legislature no later than twenty days prior to the convening of the 2021 regular legislative session.

• Appropriates $750,000 from general revenues for fiscal year 2020-2021 to fund the required feasibility study.

• Takes effect on July 1, 2050.