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HI HCR108
Concurrent Resolution
Status
4/26/2022
Primary Sponsor
Nadine Nakamura
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AI Summary
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Urges the Hawaii Housing Finance and Development Corporation to combat predatory investors and aggregators who manipulate the Low-Income Housing Tax Credit (LIHTC) Program to block nonprofit organizations' right of first refusal on affordable housing projects.
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Requests amendments to the 2023/2024 LIHTC Qualified Application Plan to protect nonprofit developers' ability to exercise their contracted right of first refusal or purchase options at the end of the 15-year compliance period.
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Directs the Hawaii Housing Finance and Development Corporation to amend LIHTC regulatory agreements to eliminate processes and tactics that prevent nonprofit organizations from exercising their right of first refusal.
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Requests Hawaii's congressional delegation to develop federal legislation strengthening the right of first refusal in LIHTC projects and addressing predatory corporations that profiteer from affordable housing developed with public resources.
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Directs transmission of certified copies to Hawaii's congressional delegation and the Executive Director of the Hawaii Housing Finance and Development Corporation.
Legislative Description
Urging The Hawaii Housing Finance And Development Corporation To Combat Hostile And Harmful Actions By Profit-driven Investors And Aggregators Participating In The State's Low-income Housing Tax Credit Program.
Right of First Refusal
Last Action
Resolution adopted in final form.
4/26/2022