Bill > SB163

This bill modifies the Hawaii Housing Finance and Development Corporation's criteria for allocating loans from the Rental Housing Revolving Fund (RHRF) by eliminating the existing detailed prioritization system and replacing it with a new, streamlined approach. Instead of previous multi-tiered priorities involving income levels, housing credits, and mixed-income requirements, the bill now mandates that the corporation prioritize projects based solely on two primary factors: (1) the shortest projected loan repayment term and (2) the highest number of housing units produced per dollar, per year. This means that project proposals will now be evaluated primarily on their financial efficiency and ability to quickly return funds to the revolving fund, rather than on specific income targeting or other previous considerations. The bill effectively simplifies the fund allocation process, focusing on maximizing the number of housing units created and ensuring rapid loan repayment. While the corporation retains some discretion to include additional criteria, the core emphasis is now on financial productivity and speed of unit creation. The changes apply to both the fund's usage and the application process for fund allocation, with the goal of increasing the overall housing output in Hawaii.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=163&year=2025