HI SB1139

Amends Section 201H-122 of Hawaii Revised Statutes to increase the required percentage of units for eligible tenants in rental housing projects from 20% to 50%.

Requires eligible rental housing projects to maintain 50% of units for eligible tenants "in perpetuity" rather than for a limited period.

Expands the definition of "eligible project" to include rental housing projects financed by the Hawaii Housing Finance and Development Corporation pursuant to subpart A.

Applies to projects financed through subparts A, B, or D, or projects the corporation determines will require rental assistance to be financially feasible.

Effective date: July 1, 2050.