RELATING TO WORKFORCE HOUSING.
What changed between versions
Establishes a new Workforce Housing Regulatory Sandbox Program administered by the Hawaii Housing Finance and Development Corporation to test innovative housing solutions with relaxed regulations.
Creates an advisory council with 12 members representing various state agencies, counties, and private sector stakeholders to provide guidance and oversight.
Appropriates $5,000,000 for fiscal years 2025-2026 and 2026-2027 to fund the program's establishment, operation, and administrative costs.
Sets the program effective date as July 1, 2025, with automatic repeal on June 30, 2030.
Defines workforce housing as units targeted for households earning 60-140% of area median income, with requirements for affordability, sustainability, and reduced construction timelines.
Requires participating developers to maintain affordability for 10 years, prohibit short-term rentals, ensure full-time occupancy by legal residents, and require at least one full-time employed adult per household.
Mandates the Corporation to submit annual reports to the legislature 20 days before each regular session, detailing project outcomes and recommendations.