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.
Impact
This resolution ensures that affordable housing credits serve as vital incentives for developers to invest in building affordable units, which are transferable assets allowing them to meet future obligations. By declaring these credits perpetual, the resolution intends to reduce financial risks and promote continuous participation in affordable housing initiatives, supporting the goal of addressing the housing crisis effectively.
Summary
Senate Resolution 47 declares the intent that affordable housing credits in Hawaii will be perpetual and remain valid until redeemed. It addresses the critical housing shortage identified in the 2024 Hawaii Housing Planning Study which estimates a need for an additional 64,490 housing units by 2027. The resolution builds on Act 31 from 2024, which requires counties to issue affordable housing credits for units constructed under specific programs. The aim is to provide a stable and long-term solution to housing needs in the state.
Contention
While the resolution proposes to enhance administrative support for affordable housing programs, it could raise concerns among stakeholders regarding the implications of perpetual credits. There are potential debates around whether counties can manage these credits efficiently without imposing unnecessary limitations, and how this resolution might affect local decision-making in zoning and development processes. Ensuring the balance of local autonomy with statewide objectives will likely be a point of contention as jurisdictions interpret administrative agreements associated with these credits.
Same As
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.
Same As
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.
Declaring The Intent That Projects With Housing Units That Qualify For Housing Credits Under Act 31, Session Laws Of Hawaii 2024, Are Still Eligible To Receive Housing Credits After The Repeal Of Act 31 If The Housing Projects Were Approved By The Hawaii Housing Finance And Development Corporation Before July 1, 2031, And Requesting The Corporation And Each County To Include Certain Information When Approving Housing Projects For Housing Credits.
Declaring The Intent That Projects With Housing Units That Qualify For Housing Credits Under Act 31, Session Laws Of Hawaii 2024, Are Still Eligible To Receive Housing Credits After The Repeal Of That Act If The Housing Projects Were Approved By The Hawaii Housing Finance And Development Corporation Before July 1, 2031, And Requesting The Corporation And Each County To Include Certain Information When Approving Housing Projects For Housing Credits.
Declaring The Intent That Projects With Housing Units That Qualify For Housing Credits Under Act 31, Session Laws Of Hawaii 2024, Are Still Eligible To Receive Housing Credits After The Repeal Of Act 31 If The Housing Projects Were Approved By The Hawaii Housing Finance And Development Corporation Before July 1, 2031, And Requesting The Corporation And Each County To Include Certain Information When Approving Housing Projects For Housing Credits.
Requesting The Counties To Authorize A Percentage Of Taxes Generated By The General Excise And Fuel Taxes Collected By The Counties To Be Used For The Maintenance Of Privatelyowned Roadways That Are Open To The Public.