H.B. 678 Summary

• Amends section 46-15.1, Hawaii Revised Statutes, to authorize counties to issue affordable housing credits to developers of Chapter 201H housing projects, allowing transfer and county-wide application of credits to satisfy affordable housing obligations.

• Requires the Hawaii Housing Finance and Development Corporation to conduct a study assessing the efficacy of housing credit programs, including inventory of current programs, assessment of market interest, and recommendations for legislation by the 2025 legislative session.

• Appropriates funds for fiscal year 2023-2024 for the corporation to contract services for the required study.

• Extends sunset provisions for section 46-15.1 and modifies reenactment dates under prior legislation to accommodate the new affordable housing credits program.

• Effective July 1, 2050, with sunset date of July 1, 2028 for the new amendments to section 46-15.1.