HB 2214 Summary

• Addresses Hawaii's housing crisis by establishing a new source of interim financing for affordable housing projects through the Hawaii Housing Finance and Development Corporation (HHFDC).

• Amends section 46-15.1, Hawaii Revised Statutes, to allow counties and HHFDC to issue transferable affordable housing credits on a one-credit-per-unit basis for income-specified residential units developed under section 201H-38.

• Enables counties to apply housing credits county-wide to satisfy affordable housing obligations on market-priced residential and non-residential developments, with requirements for housing class, use, or type not impeding full credit application.

• Allows HHFDC and counties to enter memoranda of agreement to establish conditions for issuance, transfer, and redemption of affordable housing credits under county affordable housing ordinances.

• Takes effect January 1, 3000 (effective date appears to contain a scrivener's error); sunsets July 1, 2029, with section 46-15.1 to be reenacted in its prior form on that date.