HI HB1142

Changes Hawaii housing finance and development corporation requirement from "may" to "shall" establish a rent-to-own program for dwelling units, making implementation mandatory.

Extends the period during which participants can build equity and purchase units from five years to ten years, with the sales price fixed at the beginning of the rental term.

Modifies rent credit calculation to credit rent received minus any maintenance fees toward the purchase of the unit.

Appropriates funds from general revenues for fiscal year 2023-2024 for staffing and resources to implement and publicize the program (specific amount to be determined).

Requires the Hawaii housing finance and development corporation to submit annual progress reports to the legislature no later than twenty days prior to each regular legislative session beginning in 2024.