Imposes an excise tax on certain hedge funds failing to dispose of excess single-family residences, escalating over a ten-year period. Imposes a tax on any newly acquired single-family residences by a hedge fund. Makes certain exemptions. Requires the Department of Taxation to establish a certification process to ensure buyers of homes sold by hedge funds are not major investors in residential real estate. Establishes the Housing Down Payment Trust Fund to be administered by the Hawaii Housing Finance and Development Corporation to provide grants to establish new or supplement existing programs that provide down payment assistance to families purchasing homes within the State. Allocates collected tax revenue and penalties paid by hedge funds to the Housing Down Payment Trust Fund. Applies to taxable years beginning after 12/31/2025.
Establishes within the Hawaii Housing Finance and Development Corporation a current and returning resident down payment program to provide matching funds for the down payment on a primary residence. Appropriates moneys and establishes positions.
This House Resolution (HR 6) urges Hawaii counties to freeze property taxes on the primary residences of homeowners aged 75 and older. It directly affects senior homeowners in Hawaii, aiming to improve their financial stability amid the state’s high cost of living. The resolution recommends counties implement this tax freeze, which would end if the homeowner sells the property, transfers ownership, or no longer resides there. It is non-binding, meaning counties are encouraged but not required to adopt this policy.
Establishes the Homeless Services Special Fund. Allows counties to apply for matching funds from the Affordable Homeownership Revolving Fund for certain housing projects. Increases the conveyance tax rates for certain properties. Establishes conveyance tax rates for multifamily residential properties. Establishes new exemptions to the conveyance tax. Allocates collected conveyance taxes to the Affordable Homeownership Revolving Fund, Homeless Services Special Fund, and Dwelling Unit Revolving Fund. Amends allocations to the Land Conservation Fund and Rental Housing Revolving Fund.
This Hawaii Senate resolution (SCR 12) urges the U.S. Congress to change federal tax law so that homeowners (owner-occupants) can deduct the same property-related expenses as business property owners. Currently, businesses like real estate investment trusts (REITs) can deduct costs such as depreciation, property taxes, insurance, maintenance, and utilities, but homeowners are limited to deducting only mortgage interest. The resolution states this disparity creates an unfair tax disadvantage for Hawaii homeowners, hindering affordability as housing costs are a major barrier. It does not create new law but formally requests Congress to address this imbalance.
Prohibits any law, ordinance, or rule from imposing an inclusionary zoning requirement on housing offered exclusively for sale or rent in perpetuity to buyers or renters who are residents of the State, are owner-occupants or renters, and do not own any other real property. Effective 7/1/3000. (HD1)
Establishes the Homeless Services Special Fund. Allows counties to apply for matching funds from the Affordable Homeownership Revolving Fund for certain housing projects. Increases the conveyance tax rates for certain properties. Repeals the separate conveyance tax rates for the sale of a condominium or single family residence for which the purchaser is ineligible for a county homeowner's exemption on property tax and establishes conveyance tax rates for multifamily residential properties. Establishes new exemptions to the conveyance tax. Allocates collected conveyance taxes to the Affordable Homeownership Revolving Fund, Homeless Services Special Fund and general fund. Amends allocations to the Land Conservation Fund and Rental Housing Revolving Fund.
Amends, for purposes of the Hawaii Housing Finance and Development Corporation's Rent-to-Own Program, the period during which the sales price of a dwelling unit is required to remain fixed from 5 years to a period of up to 10 years. (CD1)
Exempts affordable housing projects that are financed by a nonprofit community development financial institution certified by the Hawaii Housing Finance and Development Corporation as utilizing less than a certain amount from the Affordable Homeownership Revolving Fund from prevailing wage provisions. Effective 7/1/3000. (HD2)
HB 1756 updates the Individual Housing Account Program statute to adjust how down-payment costs are calculated, ensuring the program reflects current housing market prices. This change directly affects individuals using the program to save for home purchases by aligning eligibility and contribution requirements with present-day housing costs. The bill modifies the statutory formula used to determine down-payment assistance amounts, removing outdated cost references to better serve participants. (3 sentences)
