RELATING TO HOUSING.

Establishes a new Accessory Dwelling Unit Financing and Deed Restriction Program allowing the Corporation to allocate funds to counties to purchase equity from eligible homeowners and deed restrictions.

Sets funding limits at a maximum of 8% of appraised property value per ADU and $2,000,000 annually for the program.

Defines eligibility for homeowners/homebuyers as U.S. citizens or resident aliens domiciled in Hawaii, at least 18 years old, owning no other real property, and prioritizing government employees.

Requires deed restrictions to run with the land in perpetuity, mandating occupancy by qualified owner-occupants or tenants working at qualified businesses.

Provides counties with civil remedies including liens and specific performance actions against non-compliant property owners, with the Corporation entitled to 50% of appreciation at sale for violations.

Sets effective date of July 1, 2050, with a sunset provision on January 1, 2031, except for certain procurement exemptions.

Amends existing statutes including procurement code, tax exemptions, and perpetuities rules to accommodate the new program.

Establishes a new Accessory Dwelling Unit Financing and Deed Restriction Program that allows the corporation to allocate funds to counties for grants to eligible homeowners and to purchase deed restrictions.

Defines 'eligible homeowner or homebuyer' as someone who agrees to sell to the county and place a deed restriction, and defines 'qualified business' as having a physical presence in the state, valid business license, paying state income taxes, and being recognized as operating in the community.

Requires properties with deed restrictions to be occupied by at least one owner-occupant or tenant who works an average of 30+ hours per week at a qualified business, is involuntarily unemployed, is retired, or has a disability.

Adds remedies for counties to bring civil actions against non-compliant owners, including claiming liens or specific performance, and allows the corporation to collect 50% of appreciation if a property is sold to a nonresident.

Exempts properties with deed restrictions from conveyance tax, certain procurement codes, and adds an exemption from the rule against perpetuities for these properties.

Amends section 46-15.2 to allow counties to issue bonds for housing programs and expands procurement exemptions for deed restriction purchases; sets effective date to July 1, 3000 (likely a placeholder error).

Created a new Accessory Dwelling Unit Financing and Deed Restriction Program that allows the housing corporation to allocate funds to counties for grants and deed restriction purchases.

Defined 'eligible homeowner or homebuyer' as U.S. citizens or resident aliens domiciled in Hawaii who are at least 18 years old and agree to place deed restrictions on their property.

Added 'qualified business' definition requiring physical presence in Hawaii, valid business license, state income tax payment, and recognition as an operating business.

Established occupancy requirements for deed-restricted properties, requiring at least one owner-occupant or tenant who works at least 30 hours per week at a qualified business, is involuntarily unemployed, is retired, or has a disability.

Authorized the housing corporation to use funds from the dwelling unit revolving fund to provide grants for ADU construction costs and to purchase deed restrictions from eligible homeowners.

Gave counties authority to validate compliance with deed restrictions and bring civil actions against non-compliant owners, including claiming a lien or obtaining specific performance.

Created a penalty provision allowing the corporation to sue homeowners who sell to nonresidents or rent to nonresidents, entitling the corporation to 50% of the property's appreciation at the time of sale.

Added exemptions from property transfer taxes, conveyance taxes, and procurement codes for properties with deed restrictions under the new program.

Required annual reporting by property owners to verify continued compliance with occupancy requirements.

Set the effective date of the Act to July 1, 3000, which appears to be a placeholder or error in the original text.

Added definition for 'development costs' to include site preparation, design, permits, soil tests, impact fees, and property surveys.

Amended existing statutes regarding county powers, procurement exemptions, and the dwelling unit revolving fund to accommodate the new ADU program.