Authorizes the Hawaii Public Housing Authority and Hawaii Housing Finance and Development Corporation to provide rental housing projects for teachers employed by the Department of Education and public charter schools. Appropriates funds for the Hawaii Public Housing Authority. Appropriates funds for deposit into the dwelling unit revolving fund. Requires the Department of Education to lease land and contract with private entities for the development, management, maintenance, or revitalization of teacher housing. Permits a project owner to lease teacher housing to other eligible tenants if occupancy of teacher housing falls below 95 per cent.