HI HB1224

Amends Section 201H-122 of Hawaii Revised Statutes to increase the affordable unit requirement for rental housing projects in the Hawaii Housing Finance and Development Corporation's rental assistance program from 20% to 50% of units.

Requires the 50% affordable unit reservation to be maintained in perpetuity for eligible low-income tenants, not as a temporary measure.

Expands the definition of "eligible project" to potentially include rental housing projects financed under subpart A of the corporation's financing provisions.

Applies to rental housing projects financed by the corporation or those determined to require rental assistance to be financially feasible, subject to a regulatory agreement.

Takes effect upon approval.