SB 2424 Hawaii Senate · 2026 Regular Session

RELATING TO THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION.

Summary

Removes the prohibition against qualified residents for Hawaii Housing Finance and Development Corporation-approved projects holding a majority interest in land and removes the requirement that qualified residents demonstrate financial viability or ability to pay rent. Amends exemptions from statutes, ordinances, charter provisions, and rules for certain housing projects developed by the Corporation that satisfy certain conditions, including requirements related to employment, owner-occupancy, and deed restrictions. Effective 7/1/3000. (HD1)

Issues: ✓ Housing

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2026

Committee Review

Mar 2026

Senate Passage

Mar 2026

House Passage

Governor

Introduced Jan 22, 2026 Last action Mar 20, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

SB2424_HD1 → SB2424_SD1 · 5 edits

MODERATE

This bill amends housing laws to allow deed-restricted units to be rented long-term rather than requiring perpetual owner-occupancy, addressing concerns that current rules prevent families from moving to larger homes. It also adds strict vacancy limits and caps on the number of units an individual can own to prevent speculation and ensure housing remains available for local residents. Finally, the bill grants the housing corporation exemptions from certain state planning and zoning laws to streamline project development.

Scope change

The bill expands the scope of exempt housing projects by explicitly removing the 'first option buyback' and 'ten-year occupancy' requirements that previously applied to them, while simultaneously adding new restrictions on vacancies and ownership limits.

REQUIREMENT

Changed the requirement for deed-restricted units from perpetual owner-occupancy to allow long-term rentals, provided residency standards are still enforced.

Added a new rule prohibiting units from being vacant for more than six months, with specific exceptions for renovation, job transfers, or illness.

Added a cap limiting any single owner to possessing no more than one unit produced under this section, with a 12-month grace period for acquiring a second unit.

EXEMPTIONS

Modified the list of exempt statutes to explicitly include exemptions from the 'first option buyback' and 'ten-year occupancy' requirements found in other sections of the law.

TIMELINE

Changed the effective date of the Act from July 1, 3000, to July 1, 2050.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 20, 2026

Committee

Reported from HSG (Stand. Com. Rep. No. 1309-26) as amended in HD 1, recommending passage on Second Reading and referral to WAL.

lower

Mar 18, 2026

Lower · Passed

The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 7 Ayes: Representative(s) Evslin, Miyake, Kila, Kitagawa, La Chica; Ayes with reservations: Representative(s) Grandinetti, Muraoka; 2 Noes: Representative(s) Cochran, Pierick; and Excused: none.

lower

Mar 12, 2026

Committee

Referred to HSG, WAL, FIN, referral sheet 17

lower

Mar 10, 2026

Introduced

Received from Senate (Sen. Com. No. 236) in amended form (SD 1).

lower

Mar 10, 2026

Upper · Passed

Report adopted; Passed Third Reading. Ayes, 25; Aye(s) with reservations: none . Noes, 0 (none). Excused, 0 (none). Transmitted to House.

upper

Mar 3, 2026

Upper · Passed

The committee(s) on WAM recommend(s) that the measure be PASSED, UNAMENDED. The votes in WAM were as follows: 12 Aye(s): Senator(s) Dela Cruz, Moriwaki, DeCoite, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Kim, Lee, C., Richards, Wakai; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Fevella.

upper

Feb 27, 2026

Upper · Passed

The committee(s) on WAM will hold a public decision making on 03-03-26 10:17AM; Conference Room 211 & Videoconference.

upper

Feb 13, 2026

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

upper

Feb 13, 2026

Committee

Reported from HOU (Stand. Com. Rep. No. 2238) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Feb 5, 2026

Upper · Passed

The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 5 Aye(s): Senator(s) Chang, Hashimoto, Elefante, Rhoads, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Jan 29, 2026

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 02-03-26 1:00PM; Conference Room 225 & Videoconference.

upper

Jan 28, 2026

Committee

Referred to HOU, WAM.

upper

Jan 22, 2026

Introduced

Introduced.

upper

1 primary · 0 co-sponsors