H.B. 633 Summary

• Changes housing affordability restrictions in the Hawaii Housing Finance and Development Corporation program from 10 years to perpetuity for properties developed with government funds or assistance.

• Requires deed restrictions on government-assisted housing to maintain affordability at the same area median income level as originally offered, preventing units from converting to market-rate prices.

• Modifies Section 201H-47 to eliminate appreciation sharing and subsidy recapture provisions after the initial period, keeping restrictions on price capped to original area median income levels for all subsequent sales.

• Updates occupancy and transfer requirements in Section 201H-49 to align with perpetual restrictions rather than the previous 10-year limitation period.

• Effective July 1, 2023.