The Maui County Council will consider overriding former Mayor Victorino’s veto of Bill 103 (2022) relating to residential workforce housing deed restrictions and resale at the upcoming council meeting on Jan. 27, Councilmember Tamara Paltin announced.
Bill 103 (2022), introduced by Councilmember Paltin, amends the residential workforce housing deed restrictions by requiring units be sold to owner-occupants in perpetuity and increases the deed restriction period for all income categories to thirty years.
Under this bill, the county’s managed appreciation formula will determine its new sales price if any owner chooses to sell their unit before the 30 year deed restriction ends.
“Keeping workforce housing—which the County has subsidized—in the affordability pool longer allows the county to get the most out of its investment and serve more families,” Paltin said in a news release. “With the proposed amendments, owners of workforce housing units would still be able to grow equity in their homes while ‘paying it forward’ should they choose to sell before the end of thirty years.”
Paltin said the bill was crafted to see workforce housing remain for people who have roots here in Maui County for perpetuity. Once the restriction period ends, a house may be sold at market rate to another owner-occupant.
“This will allow these housing opportunities to remain strictly for our residents rather than becoming a speculator’s investment,” Paltin said.
Original source: https://mauinow.com/2023/01/23/council-to-consider-override-of-veto-for-bill-103-relating-to-workforce-housing/