HB 1492 Summary

• Requires the Department of Business, Economic Development, and Tourism to submit a comprehensive action plan to establish a local housing market in Hawaii by 20 days before the 2026 regular legislative session.

• The action plan must include definitions and development plans for six types of community land trusts: condominium land trusts in transit-oriented developments, master-planned community land trusts, rent-to-own housing land trusts, family inheritance land trusts, agricultural community land trusts, and manufactured housing land trusts.

• Requires the action plan to identify incentives to promote land trust development, including land use and building exemptions, increased density and height limits, tax credits and exemptions, and state-backed loan guarantees.

• Directs the action plan to analyze constitutional and legal issues related to restricting land trust sales to qualified state residents and to recommend statutory amendments and appropriations needed to implement the local housing market.

• Appropriates $300,000 for fiscal year 2025-2026 and $300,000 for fiscal year 2026-2027 to the Department of Business, Economic Development, and Tourism for development of the action plan; takes effect July 1, 2025.