Bill > SB71

This bill establishes a new Mixed-Income Subaccount within the existing Rental Housing Revolving Fund to address Hawaii's housing crisis by creating a dedicated funding source for workforce rental housing projects. The subaccount will specifically target housing for persons and families earning up to 140% of the area median income, a demographic that currently struggles to find affordable housing. The bill authorizes the Director of Finance to transfer funds from the Rental Housing Revolving Fund into this new subaccount and creates a specific application and allocation process for these funds. Priority will be given to projects with a diverse range of affordability, located on state or county-owned land, with a reasonable loan repayment projection, and potentially with a preference for nonprofit projects. The legislation aims to help keep local residents in the state by providing affordable rental housing opportunities for working families, potentially reducing domestic outmigration and preserving critical segments of Hawaii's labor force. The bill modifies existing statutes to implement these changes and includes provisions for appropriating funds into and out of the new Mixed-Income Subaccount for fiscal years 2025-2026 and 2026-2027.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=71&year=2026