(a) Notwithstanding any law to the contrary, the authority may authorize a designated qualified nonprofit housing trust to administer the covenants and rules related to the reserved housing and workforce housing programs. Additionally, the authority may waive its right to repurchase a reserved or workforce housing unit during the restriction period and may transfer that right of repurchase to a qualified nonprofit housing trust for the purpose of maintaining the reserved or workforce housing unit as an affordable housing unit. If the repurchase rights are transferred to a qualified nonprofit housing trust, the restrictions prescribed in this chapter or in rules adopted by the authority shall be automatically extinguished and shall not attach in subsequent transfers of title; provided further that the qualified nonprofit housing trust shall establish new buyback restrictions for the purpose of maintaining the unit as affordable for as long as practicable, or as otherwise required by the authority.

Terms Used In Hawaii Revised Statutes 206E-4.2

  • Authority: means the Hawaii community development authority established by section 206E-3. See Hawaii Revised Statutes 206E-2
  • Qualified nonprofit housing trust: means a corporation, association, or other duly chartered organization that is registered and in good standing with the State; is recognized by the Internal Revenue Service as a charitable or otherwise tax-exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986, as amended; and has the capacity and resources as determined by the authority to carry out the requirements of the reserved housing and workforce housing programs. See Hawaii Revised Statutes 206E-2
  • Reserved housing: means housing designated for residents in the low-income or moderate-income ranges who meet such eligibility requirements as the authority may adopt by rule. See Hawaii Revised Statutes 206E-2
  • Workforce housing: means new residential projects where at least seventy-five per cent of the residential units are set aside for purchase or rent for residents in the low-income or moderate-income ranges who meet such eligibility requirements as the authority may adopt by rules and that do not require financial assistance for design and construction from federal, state, or county government agencies. See Hawaii Revised Statutes 206E-2
(b) A qualified nonprofit housing trust shall report the status and use of its housing units to the authority by November 30 of each calendar year.

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