Bill > SB35

This bill establishes a new Housing Efficiency and Innovation Subaccount within the existing Rental Housing Revolving Fund (RHRF), managed by the Hawaii Housing Finance and Development Corporation. The subaccount will be funded through legislative appropriations and provides the corporation with flexibility to transfer money between the subaccount and the main fund without requiring additional legislative approval. The subaccount's primary purpose is to make loans for housing projects that exclusively serve qualified residents, with priority given to projects on state or county-owned land, or projects owned by entities required to reinvest financial surplus into housing development. The bill also emphasizes prioritizing projects that require the least state funding per housing unit per year and allows the subaccount to be used for credit enhancement. Additionally, the bill maintains the existing fund's focus on developing rental housing for low and moderate-income families, with specific priorities for projects allocated low-income housing credits and mixed-income rental projects. The corporation is required to submit an annual report to the legislature detailing funded projects and efforts to develop housing for lower-income groups, and the bill includes provisions to protect the fund from excessive financial risk by establishing loan-to-value and debt-coverage ratio guidelines.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=35&year=2025