S.B. 1 Summary

• Establishes the ALOHA (Affordable, Locally Owned Homes for All) homes program to develop low-cost leasehold residential units on state-owned land within one-mile radius of public transit stations in counties with population over 500,000.

• Creates urban redevelopment sites and grants Hawaii Housing Finance and Development Corporation authority to plan, develop, and sell 99-year leasehold interests in ALOHA homes to qualified residents, with strict owner-occupancy requirements and prohibition on renting or subleasing.

• Requires ALOHA home prices to be set at levels ensuring revenue-neutrality for the State and counties; allows corporation to retain 75% of any profits from resales of ALOHA homes, with right of first refusal on all sales.

• Exempts lands set aside by governor or leased to HHFDC from public lands definition and exempts ALOHA home sales from general excise tax and certain school site contribution requirements.

• Appropriates funds to the ALOHA homes revolving fund and for staffing positions; effective date is July 1, 2050.