HI HB1142

Changes the Hawaii housing finance and development corporation's rent-to-own program from permissive ("may") to mandatory ("shall"), requiring implementation of the program.

Extends the fixed sales price period and participant purchase option from five years to ten years for dwelling units in the program.

Credits rent payments minus maintenance fees toward the purchase price of units for program participants.

Appropriates funds for fiscal year 2023-2024 to cover staffing and resources needed to implement and publicize the rent-to-own program (amount to be determined).

Requires the Hawaii housing finance and development corporation to submit annual progress reports to the legislature detailing implementation status, recommendations, and any needed additional funding or staffing.