HI SR71

Urges the Hawaii Housing Finance and Development Corporation (HHFDC) to combat predatory practices by profit-driven investors and aggregators in the Low-Income Housing Tax Credit (LIHTC) Program.

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

Calls for amendments to 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 publicly-funded affordable housing.

Directs transmission of certified copies to Hawaii's congressional delegation and the HHFDC Executive Director.