DECLARING THE INTENT THAT AFFORDABLE HOUSING CREDITS ARE PERPETUAL AND REMAIN VALID UNTIL REDEEMED, AND REQUESTING THE COUNTIES TO RECOGNIZE THESE CREDITS WITHOUT EXPIRATION DATES.

This bill declares that affordable housing credits issued under Hawaii state law are perpetual assets that remain valid until they are used to fulfill housing obligations, rather than having expiration dates. It directly affects counties and developers by requesting that local administrative agreements and policies do not impose time limits or restrictions on these credits beyond what state statutes authorize. The resolution aims to clarify that memoranda of agreement between counties and housing agencies are meant to facilitate credit management, not to diminish their value or transferability. By seeking alignment with existing state law, the bill intends to protect the financial incentives for developers and ensure a stable pipeline for affordable housing construction.