HCR 89 Summary

• Requests counties to issue transferable affordable housing credits to developers for affordable housing units constructed under Chapter 201H, Hawaii Revised Statutes, through July 1, 2031.

• Credits are issued on a one-credit per unit basis and can be applied county-wide to satisfy affordable housing obligations for market-priced residential and non-residential developments.

• Prohibits issuance of affordable housing credits if low-income housing tax credits are used in conjunction with the affordable housing development.

• Requires that if credits are transferred to the Hawaii Housing Finance and Development Corporation, 25 percent of any monetary proceeds must be used to develop rental properties.

• Requests HHFDC to enter into memoranda of agreement with Kauai County and the City and County of Honolulu to establish conditions for issuance, transfer, and redemption of the affordable housing credits.