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 in Hawaii are perpetual assets that remain valid until they are used to meet housing obligations, rather than expiring after a set period. It directly affects local county governments and developers who rely on these credits to fulfill affordable housing requirements under state law. The resolution clarifies that administrative agreements between counties and housing agencies should not impose expiration dates or other restrictions that are not authorized by existing statutes. By ensuring these credits maintain their full value and transferability, the bill aims to protect the financial incentives for developers and support the state's long-term housing goals.