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Committee clears Kakaako condominium bill with tighter resale and income-restriction language
Summary
The committee approved SB2061 SD2 HD1 to clarify resale restrictions and income-targeting for a Kakaako condominium project, requiring 60% of units to be income-restricted under the authority’s rules and specifying a 10-year restriction period; HCDA discussed buyback formula references.
The House Housing Committee on March 25 voted to pass SB2061 SD2 HD1 with amendments that clarify income restrictions and resale rules for a specific Kakaako condominium project and similar future projects.
Chair members said the revised HD1 language makes the bill's intent clearer: 60% of units will be income-restricted to households earning less than 140% of area median income (AMI), and that income restriction period will last 10 years. At initial offering, all units will be restricted to owner-occupants; unsold, non-income-restricted units not sold during a 60‑day initial sales window may be released from the owner-occupancy restriction.
Craig Nakamoto of HCDA explained that the authority could use existing buyback-pricing formulas — including one under consideration at HHFDC — to establish a limited-equity appreciation program and first right of refusal for these units. Members asked whether initial-sales rules could prioritize local residents; staff said the legislation and authority rules address eligible purchasers and that additional guidance could be set by the authority.
Representative Cochran recorded a no vote; the committee chair announced the recommendation to pass with amendments was adopted and the bill will move forward.
