HHC Affordable Housing Credits Policy
Department of Hawaiian Home Lands
Affordable Housing Credits Policy
Department of Hawaiian Home Lands Affordable Housing Credits Policy,
Third Amendment, as approved by the Hawaiian Homes Commission on Dec. 13, 2011.
The Department of Hawaiian Home Lands (Department) has become one of the largest developers of affordable housing throughout the state ofHawaii. The Department’s homestead projects are often developed in phases and increments due to the size of, and financing required for, such projects. The Hawaiian Homes Commission Act of 1920, as amended (HHCA), authorizes the Department to enter into project developer agreements to develop available lands for homestead projects. Developer-financed projects allow the Department to award and deliver homesteads to beneficiaries at an accelerated rate. The Department will utilize affordable housing credits to attract more affordable homestead development opportunities.
The following policies have been established to provide guidelines for determining the value of credits, clarifying terms and conditions under which affordable housing credits will be applied and subsequently transferred to other entities pursuant to Act 141, Session Laws of Hawai’i (SLH) 2009, which will be codified into the Hawaii Revised Statutes (HRS) under section 46-15.1 (b). Act 141 is effective from July 1, 2009, until June 30, 2015.
Under Act 141, counties are directed to issue credits on a one-for one basis to DHHL for existing and future projects. Under the law, the credits are transferable and can be applied anywhere within the same county in which the credits were earned.
III. Effective Date
These Policies shall take effect immediately upon approval and authorization by the Hawaiian Homes Commission.