HI HB1722

Requires at least 60% of residential condominium units in urban redevelopment sites to be set aside for owner-occupied residential use for a minimum of 10 years from initial purchase.

Allows owners of residential condominium units to rent or sublease to tenants, removing the previous prohibition that excluded renting from the definition of "owner-occupied residential use."

Permits up to 40% of units to be sold to qualified residents if units remain unsold after being offered for owner-occupied use for 60 days.

Exempts design, development, and construction contracts for these condominium units from state procurement requirements (chapter 103D), while requiring workers to be paid prevailing wages.

Removes the restriction preventing eligible buyers from owning other real property while owning a unit in an urban redevelopment site.