RELATING TO HOUSING.
What changed between versions
The program title was changed to 'Kamaaina Homes Pilot Program' and is now limited to a single county designated by the corporation, rather than being available to all counties.
The annual funding cap was reduced from $20,000,000 to $2,000,000, and the funding source was changed from the dwelling unit revolving fund to the rental housing revolving fund.
Funding allocation rules were tightened to require the county to match every $1 of state funding with at least $3 of local funding, and counties must now prove properties are in neighborhoods where local workers are at risk of displacement.
New criteria were added to ensure that subsequent homebuyers of deed-restricted homes are U.S. citizens or resident aliens, domiciled in Hawaii, and own no other property with a deed restriction under this program.
The bill now explicitly allows the corporation or county to sue homeowners who violate deed restrictions and seize 50% of the property's appreciated value at the time of sale.
The sunset date for the program was updated to June 30, 2032, and the effective date was corrected from the year 3000 to 2025.