HI HB1492

Appropriates $300,000 for fiscal year 2025-2026 and the same amount for fiscal year 2026-2027 to the Department of Business, Economic Development, and Tourism (DBEDT) to develop a comprehensive action plan for establishing a local housing market in Hawaii

Requires DBEDT to submit the action plan no later than 20 days before the 2026 legislative session, addressing the creation of various land trust models including condominium, master-planned community, rent-to-own, family inheritance, agricultural, and manufactured housing land trusts

Seeks to bifurcate Hawaii's housing market into two separate markets: one for state residents and one for national/international buyers, using community land trust principles to preserve affordable homes for residents in perpetuity

Mandates the plan include analysis of constitutional and legal issues regarding restricting land trust sales to qualified state residents and potential limitations on out-of-state buyers

Requires recommendations for incentives to promote land trust development, including land use exemptions, increased density allowances, tax credits, and state-backed loan guarantees

Takes effect July 1, 2025