On March 3, the Hawaii Senate unanimously approved SB 2697, which would temporarily disallow the REIT DPD, except for REITs “where 100% of the [REIT’s] real property is used to provide affordable housing in [Hawaii].” “Affordable housing” is not defined.

The bill will now be considered by the Hawaii House of Representatives, and Nareit will continue to oppose this legislation as it has done with respect to similar legislation over the past six years.

(Contact: Gladys Quinto Marrone at gmarrone@nareit.com)

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