HI HB655

Requires Hawaii housing finance and development corporation housing projects to include a restrictive covenant ensuring designated affordable housing units remain affordable in perpetuity.

Adds a new condition (section 3) to section 201H-38 requiring preliminary plans and specifications to include the perpetual affordability covenant as a prerequisite for project exemption from zoning and construction statutes.

Renumbers existing conditions in section 201H-38 from (3) and (4) to (4) and (5) to accommodate the new perpetual affordability requirement.

Amends section 201H-41(c) to require privately-initiated housing projects to comply with the new perpetual affordability covenant requirement along with other existing procedures.

Takes effect upon approval.