S.B. 2372 Summary

• Requires Hawaii Housing Finance and Development Corporation (HHFDC), with assistance of the governor's coordinator on homelessness, to review the July 2018 Affordable Rental Housing Report and Ten-Year Plan and determine which identified lands are suitable for temporary housing or other affordable housing development.

• HHFDC must submit findings and recommendations, including proposed legislation, to the legislature no later than 20 days before the 2023 regular legislative session.

• Establishes a five-year dwelling unit revolving fund equity pilot program to address demand for for-sale units for residents earning 80-120 percent of area median income, with HHFDC purchasing equity in housing development projects to reduce unit prices for eligible buyers.

• Requires buyers who sell units within 30 years to repay HHFDC's appreciated equity value; buyers who retain units for 30 years must repay the appreciated equity value before the 30-year period expires.

• Appropriates unspecified general revenues to the rental housing revolving fund and dwelling unit revolving fund for fiscal year 2022-2023; becomes effective July 1, 2050.