HI SB2070

Creates the "Housing for Locals Forever Program" allowing the Hawaii Housing Finance and Development Corporation (HHFDC) to designate government-assisted for-sale housing units as permanently affordable, replacing the current 10-year affordability restriction after which units can be sold at market rates.

Permanently affordable units must be sold only to qualified residents (U.S. citizens or resident aliens, at least 18 years old, domiciled in Hawaii) who do not already own a majority interest in dwelling-suitable property.

Resale of designated units requires HHFDC written approval, with the corporation having first option to purchase or assign to another qualified buyer, and prices restricted by a resale formula or affordability index that allows homeowners to build equity.

Prohibits use of permanently affordable units as short-term rentals (rental periods under 90 days) and enforces restrictions through deed restrictions and covenants recorded against the property.

Existing 10-year buyback requirements under section 201H-47 would apply only to properties developed and sold before the program's effective date of July 1, 2050.