HI HB655

Requires Hawaii Housing Finance and Development Corporation housing projects to include a restrictive covenant ensuring affordable units remain affordable in perpetuity, matching the percentage designated in the project application.

Adds affordable housing requirement as a new condition (condition 3) that preliminary plans and specifications must satisfy before exemption from zoning and construction standards.

Renumbers existing conditions in Section 201H-38(a) to accommodate the new affordable housing perpetuity requirement, moving legislative approval to condition (4) and land use commission approval to condition (5).

Defines "affordable housing" by reference to Section 201H-57 and clarifies that "government assistance program" includes housing programs administered or operated by the corporation or federal entities and their subdivisions.

Updates Section 201H-41(c) to require private developers' independently initiated housing projects to satisfy the new affordable housing perpetuity requirement alongside other exemption conditions.