HI SR47

The Hawaii Senate declares that affordable housing credits issued under section 46-15.1, Hawaii Revised Statutes, are perpetual in nature and remain valid and transferable until redeemed to satisfy an affordable housing obligation.

The 2024 Hawaii Housing Planning Study projects the state will need an additional 64,490 housing units by 2027, highlighting the urgency of the housing crisis that prompted Act 31 (2024) requiring counties to issue affordable housing credits.

Counties are requested to align their administrative rules and policies with state law to ensure affordable housing credits are not diminished by expiration dates or time limitations not specified in statute.

Memoranda of agreement between counties and the Hawaii Housing Finance and Development Corporation or Department of Hawaiian Home Lands should facilitate credit administration without restricting the life, value, transferability, or utility of the credits.

Certified copies of this resolution are to be transmitted to the Hawaiian Homes Commission, Hawaii Housing Finance and Development Corporation, and the mayors and council chairs of all four counties.