HI HB2203

Amends Hawaii Revised Statutes to require perpetual deed restrictions on housing built with government funds or assistance, keeping units affordable at the same area median income level they were originally priced at.

Eliminates the previous 10-year time limit after which owners could sell at market rate and removes the shared appreciation equity program that allowed the state to recapture a portion of property value gains.

Requires resale of affordable housing units only to "qualified residents" who meet the same area median income criteria as original purchasers, with the Hawaii Housing Finance and Development Corporation having first right of purchase.

Allows sellers to recoup the cost of improvements made to the property when selling, but removes provisions for interest accrual on the original purchase price.

Effective date is July 1, 2026.