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HB 1457 allows the Department of Hawaiian Home Lands (DHHL) to request tax increment financing (TIF) from counties. This would enable DHHL to use future increases in local property tax revenue from specific development areas to fund current projects. The bill directly affects DHHL and county governments, as it creates a formal process for counties to approve such financing requests. (Effective date listed as 7/1/3000 appears to be a typo; standard TIF mechanisms typically apply to current development projects.)
Authorizes the Hawaii Housing Finance and Development Corporation to allow projects to grant preferences in the sale or lease of housing units to applicants who live or work within five miles of the project. Takes effect 7/1/2050. (SD1)
Establishes the Kamaaina Homes Program to provide funding to the counties to purchase voluntary deed restrictions from eligible homeowners or homebuyers. Effective 7/1/3000. (HD2)
Exempts transfers of Hawaiian Home Lands from transfer restrictions for real property under housing development programs of the Hawaii Housing Finance and Development Corporation. Effective 7/1/3000. (SD1)
Allows the Department of Hawaiian Home Lands to utilize the Dwelling Unit Revolving Fund as collateral when the Department acts as an eligible borrower for a loan agreement under section 184A of the Housing and Community Development Act of 1992, as amended. Appropriates funds. Effective 7/1/3000. (HD1)
Exempts any development of homestead lots or housing for the Department of Hawaiian Home Lands from general excise and use taxes. Effective 7/1/3000. (HD1)
