HI SCR78

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.

Requests amendment of the 2023/2024 Qualified Application Plan for LIHTC to confirm nonprofit developers' ability to exercise their contracted right of first refusal and purchase options at the end of the 15-year compliance period.

Directs amendment of LIHTC regulatory agreements to eliminate processes and tactics that prevent nonprofit organizations from exercising their right of first refusal and maintaining permanent affordability.

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

Directs transmission of certified copies to Hawaii's congressional delegation and the Executive Director of the Hawaii Housing Finance and Development Corporation.