SB 612 Hawaii Senate · 2025 Regular Session

RELATING TO RENT TO BUILD EQUITY.

Summary

Requires the Hawaii Housing Finance and Development Corporation to conduct a study on rent-to-build equity for existing and future state-financed housing. Requires a report to the Legislature. Effective 7/1/2050. (SD1)

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 17, 2025 Last action Feb 13, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB612 → SB612_SD1 · 6 edits

MODERATE

This bill was fundamentally rewritten from a law requiring profit-sharing between developers and tenants into a study requiring the Hawaii Housing Finance and Development Corporation to research rent-to-build equity options. The original version would have immediately required developers to share sale profits with tenants, but the new version delays any action until after a study is completed and submitted to the legislature.

Scope change

The bill's scope changed from an immediate regulatory requirement for developers to a research mandate for a state corporation. It now applies to future state-financed housing rather than all exempt projects.

REQUIREMENT

Removed immediate requirement for developers to enter profit-sharing agreements with tenants upon selling properties.

Added requirement for Hawaii Housing Finance and Development Corporation to conduct a study on rent-to-build equity for state-financed housing.

TIMELINE

Changed effective date from July 1, 2025 to July 1, 2050, with a report due before the 2026 legislative session.

SCOPE

Study must examine conveyance taxes, capital gains taxes, tenant assistance requirements, and other topics related to rent-to-build equity.

REMOVED

Removed specific profit-sharing calculation (20% of sale price prorated by years lived in project).

ELIGIBILITY

Changed from applying to all exempt projects to focusing on existing and future state-financed housing.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 13, 2025

Committee

Reported from HOU (Stand. Com. Rep. No. 474) with recommendation of passage on Second Reading, as amended (SD 1) and referral to CPN/WAM.

upper

Feb 4, 2025

Upper · Passed

The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 4 Aye(s): Senator(s) Chang, Hashimoto, Kanuha, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Aquino.

upper

Jan 31, 2025

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 02-04-25 1:00PM; Conference Room 225 & Videoconference.

upper

Jan 23, 2025

Committee

Referred to HOU, CPN/WAM.

upper

Jan 17, 2025

Introduced

Introduced.

upper

1 primary · 0 co-sponsors