HI SB2191

Establishes a limited-profit housing council within the Department of Business, Economic Development, and Tourism to oversee limited-profit housing associations that provide housing exclusively for qualified residents

Council membership includes legislative housing committee chairs, executive directors of Hawaii Housing Finance and Development Corporation and Hawaii Public Housing Authority as co-chairs, plus representatives from each county's housing department

Creates a new legal framework for limited-profit housing associations as domestic corporations that must charge fixed prices covering only construction, operating, and reserve costs, with annual profit distributions capped at a rate determined by the council

Exempts income earned by limited-profit housing associations from state income tax, provided the income is used for primary housing development activities within five years

Requires directors and officers of associations to be independent with no financial relationships to contractors, and mandates annual reports to the legislature on housing units built and qualified resident purchases