THE SENATE	S.B. NO.	2574
THIRTY-FIRST LEGISLATURE, 2022
STATE OF HAWAII

A BILL FOR AN ACT

relating to affordable RENTAL housing.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The legislature finds that Oahu and the entire State face a critical need for affordable housing. Aloha United Way estimated that the pandemic would reduce household income to such a degree that fifty-nine per cent of Hawaii's families would not have sufficient income to cover all the costs of daily living. That percentage may have declined slightly because the height of the economic costs of the pandemic have likely passed. Still, a great proportion of Hawaii's families must cut back on necessities, such as food and medicine. Housing is the biggest item in a typical family's budget, so making housing available that is affordable to them would improve the quality of their lives considerably.

The legislature further finds that the Hawaii housing finance and development corporation estimates that Oahu needs seventy-five thousand affordable housing units. Those units can be built on the aloha stadium site, even if a portion of it is reserved for a new stadium. In fact, the housing may improve the financial viability of the new stadium because it would put many potential customers within walking distance of it.

The legislature further finds that the aloha stadium site presents an unparalleled opportunity to improve the lives of tens of thousands of Hawaii's families by developing housing that is affordable to them. Only twenty-five acres of the ninety-eight-acre site are needed for the stadium itself, leaving seventy-three acres available for affordable housing and other uses. Because the land is owned by the State, a significant development cost of buying land would be avoided, making it feasible to develop affordable housing.

The purpose of this Act is to direct the Hawaii housing finance and development corporation to utilize unneeded land at the aloha stadium site for the construction of affordable housing.

SECTION 2. (a) The aloha stadium authority shall designate a boundary within which the new stadium shall be constructed. The area contained in the boundary shall not exceed twenty-five acres.

(b) The aloha stadium authority shall transfer all lands at the aloha stadium site not contained within the boundary in subsection (a) to the Hawaii housing finance and development corporation.

(c) The Hawaii housing finance and development corporation shall construct seventy-five thousand affordable rental housing units on lands transferred from the aloha stadium authority pursuant to this Act, subject to the following requirements:

(1) Each unit shall require minimal subsidies to remain affordable;

(2) The corporation shall invite architectural firms to submit conceptual designs for the development project;

(3) The units shall be affordable such that the maximum rent per month shall not exceed $1,500 for a 2-bedroom unit;

(4) Units shall only be available to qualified residents of the State who shall not own any other real property;

(5) Each unit shall remain affordable in perpetuity;

(6) Housing suitable for a range of income levels shall be incorporated with the affordable rental units; and

(7) Housing shall be mixed-use such that urban amenities, including grocery stores, restaurants, shops, childcare facilities, senior centers, health clinics, and parks, are included in development.

(d) The Hawaii housing finance and development corporation shall submit a report of its findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular sessions of 2023, 2024, and 2025.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

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Report Title:

Affordable Housing; Aloha Stadium; Hawaii Housing Finance and Development Corporation

Description:

Directs the Hawaii Housing Finance and Development Corporation to develop mixed-use affordable rental housing at the Aloha Stadium site.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.