HI HB1224

Amends Section 201H-122 of Hawaii Revised Statutes to increase the percentage of units that rental housing projects must reserve for low-income tenants from 20% to 50%.

Requires eligible projects to maintain the 50% reserve in perpetuity (permanently) 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 under subpart A, in addition to existing subparts B and D.

Projects must maintain these affordable unit requirements to qualify for the corporation's rental assistance program and remain subject to regulatory agreements with the corporation.

Takes effect upon approval with no retroactive effect on rights, duties, or proceedings that existed before enactment.