HI HB525

Amends Section 201H-181 to clarify that dwelling units eligible for the Rent-to-Own Program must be units for sale in fee simple or leasehold on state or county land under a lease with an initial term of no less than ninety-nine years.

Increases the fixed sales price period under the Rent-to-Own Program from five years to ten years, during which participants have the option to purchase the unit at the designated price.

Provides that if a participant does not elect to purchase within the ten-year period, the renter forfeits the right to continue living in the unit and it becomes available to another purchaser or renter.

Takes effect on July 1, 3000.