S.B. 2946 Summary

• Establishes the ALOHA homes program to create low-cost, high-density leasehold residential units on state and county-owned lands within one mile of public transit stations for sale to Hawaii residents.

• Authorizes the Hawaii Housing Finance and Development Corporation to sell 99-year leases of ALOHA homes units to qualified residents who must be state residents, owner-occupants only, and cannot own other real property while owning an ALOHA home.

• Sets median ALOHA home prices at no more than 80% of area median income or $300,000 (whichever is less), with annual adjustments based on prior 10-year median home price increases.

• Requires HHFDC to transfer a specified number of ALOHA homes units to the Department of Hawaiian Home Lands or Office of Hawaiian Affairs, and mandates development of a demonstration project by July 1, 2025.

• Exempts ALOHA homes from general excise tax and modifies public lands definitions to exclude certain HHFDC-controlled lands; appropriates funds to establish the ALOHA homes revolving fund.