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Repeals the prohibition against qualified residents for Hawaii Housing Finance and Development Corporation-approved projects holding a majority interest in land and repeals the requirement that qualified residents demonstrate financial viability or ability to pay rent. Limits a qualified resident from owning a majority interest in no more than one property suitable for dwelling purposes, but requiring the disposal of such property within two years. Amends exemptions from statutes, ordinances, charter provisions, and rules for certain housing projects developed by the Corporation that satisfy certain conditions, including requirements related to employment, owner-occupancy, and deed restrictions. (CD1)