HB 519 Summary

• Authorizes developers to make cash payments in lieu of providing required reserved housing units in residential projects developed under the Hawaii Community Development Authority (HCDA).

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

• Amends section 206E-15 of the Hawaii Revised Statutes to add a new provision allowing these in-lieu cash payments as an alternative to direct housing unit provision.

• Addresses affordable housing crisis exacerbated by COVID-19 pandemic, which increased unemployment to 22.3% in April 2020 and left thousands of Hawaii tenants behind on rent payments.