HI SB840

Requires developers of housing projects exempt from general excise taxes under section 201H-36 or receiving exemptions under section 201H-38 to enter into rent-to-build equity agreements with tenants for all units leased after January 1, 2022.

Mandates that if a developer sells the project, they must pay each tenant a prorated share of 20 percent of the sale price based on the number of years the tenant lived in the project.

Authorizes the board to adopt rules under chapter 91 to implement the rent-to-build equity requirement.

Applies prospectively only to housing projects approved after July 1, 2021, and does not affect rights or proceedings that began before the effective date.

Takes effect on July 1, 2021.