HI HR104

Urges the Hawaii Housing Finance and Development Corporation to combat predatory practices by profit-driven investors and aggregators in the Low-Income Housing Tax Credit (LIHTC) Program who block nonprofit organizations' right of first refusal to purchase affordable housing projects after the 15-year compliance period.

Requests amendment of the 2023/2024 Qualified Application Plan for the LIHTC Program to protect nonprofit developers' ability to exercise their contracted right of first refusal or purchase options on LIHTC projects.

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.

Requests Hawaii's congressional delegation to develop federal legislation strengthening the right of first refusal in LIHTC projects and addressing predatory corporations that profit from affordable housing developed with public resources.

Requires certified copies of the resolution be sent to Hawaii's congressional delegation members and the Executive Director of the Hawaii Housing Finance and Development Corporation.