RELATING TO HOUSING.

Establishes a new Kamaaina Homes Program that allows the corporation to allocate annual lump sums to counties for purchasing voluntary deed restrictions from eligible homeowners.

Defines eligibility for homeowners who must be U.S. citizens or resident aliens, at least 18 years old, agree to sell to the county with deed restrictions, and own no other restricted property.

Defines qualified businesses as those with physical presence in Hawaii, valid business licenses, state income tax compliance, and community recognition.

Requires deed restrictions to run with the land in perpetuity, mandating occupancy by owner-occupants or tenants who work at least 30 hours weekly at qualified businesses, with exceptions for involuntary unemployment, retirement, or disability.

Requires annual reporting by property owners to counties verifying continued occupancy by qualified owner-occupants or tenants.

Allows counties to bring civil actions against non-compliant property owners, including claiming liens or obtaining specific performance, and permits the corporation to collect 50% of appreciation if properties are sold to nonresidents.

Sets the effective date of the Act to July 1, 3000, which appears to be a placeholder or error in the legislative text.

Provides tax exemptions for properties with deed restrictions from conveyance taxes, environmental impact statements, and procurement code requirements.