HI HCR38

Declares legislative intent that affordable housing credits issued under section 46-15.1, Hawaii Revised Statutes (including Act 31, Session Laws of Hawaii 2024) are perpetual and remain valid until redeemed to satisfy affordable housing obligations.

Requests counties to recognize affordable housing credits without expiration dates and align administrative rules, policies, and practices with state statutory framework.

Clarifies that memoranda of agreement between counties and the Hawaii Housing Finance and Development Corporation or Department of Hawaiian Home Lands are administrative instruments not intended to restrict the life, value, transferability, or utility of credits.

Responds to Hawaii's projected shortage of 64,490 housing units by 2027, aiming to protect developer incentives and encourage continued participation in affordable housing programs.

Directs certified copies be transmitted to the Hawaiian Homes Commission, Hawaii Housing Finance and Development Corporation, mayors and councils of all four counties.