HI SB2424

Modifies the definition of "qualified resident" for Hawaii Housing Finance and Development Corporation (HHFDC) housing projects by removing requirements that buyers demonstrate financial viability for loans or ability to pay rent, and eliminating prohibitions on owning majority interests in other land.

Requires at least 80% of units in HHFDC-approved housing projects be sold to qualified residents with a minimum one-year owner-occupancy requirement following initial sale.

Imposes perpetual deed restrictions on all units requiring: occupants be domiciled in Hawaii, rentals have minimum one-year lease terms, sales only to qualified residents, and units not remain vacant for more than six months except in specified circumstances.

Prohibits owners from possessing more than one unit produced under these provisions, with a 12-month exception when acquiring another qualifying unit.

Effective date of July 1, 2050.