HI HB2327

Appropriates $6,000,000 from general revenues for fiscal year 2024-2025 to the Hawaii Public Housing Authority to partner with the property owner of 1021 Smith Street in Honolulu to create 60 affordable rental housing units.

Requires each rental unit to be affordable to households with income not exceeding 60 percent of area median income as determined by the U.S. Department of Housing and Urban Development, with affordability maintained for at least 60 years through a restrictive covenant.

Authorizes the Hawaii Public Housing Authority to contract with the property owner to alter, remodel, repair, rehabilitate, and reconstruct the existing buildings at 1021 Smith Street for affordable housing purposes.

Exempts contracts awarded under this Act from Hawaii Revised Statutes section 103D-302(h) and other laws requiring contracts to be awarded to the lowest bidder.

Declares that the appropriation will exceed the state general fund expenditure ceiling for fiscal year 2024-2025 and takes effect on July 1, 2024.