summary
Introduced
01/15/2025
01/15/2025
In Committee
01/21/2026
01/21/2026
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
Repeals statutory requirements for certain housing projects to be eligible for loans from the Rental Housing Revolving Fund. Repeals certain statutory provisions for grants to developers for rental units eligible to be financed in part or in whole by the RHRF. Repeals statutory language requiring the Hawaii Housing Finance and Development Corporation to establish an application process for RHRF allocation that prioritized projects meeting certain requirements. Renames the Rental Housing Revolving Fund to the State Housing Revolving Fund (SHRF). Clarifies eligible applicants of the SHRF. Authorizes the HHFDC to use funds from the SHRF for broader housing projects. Establishes the Housing Efficiency and Innovation Subaccount within the SHRF. Authorizes the HHFDC to transfer funds between the Housing Efficiency and Innovation Subaccount and the RHRF without legislative approval. Amends the criteria and eligibility requirements for applicant developers seeking assistance from the SHRF. Requires the HHDFC to maximize the amount of housing built that utilizes loans from the SHRF by prioritizing projects with the shortest projected loan repayment terms that produce the highest number of units, per dollar, per year. Repeals all other priorities and preferences for projects utilizing the RHRF. Establishes a working group to revise the State's Qualified Allocation Plan, the prioritization of the SHRF, and the terms of loans. Requires a report to the Legislature. Allocates ten per cent of conveyance tax collections to the DURF. Removes the annual cap on conveyance taxes paid into the SHRF.
AI Summary
This bill comprehensively reforms Hawaii's housing finance system by renaming the Rental Housing Revolving Fund to the State Housing Revolving Fund (SHRF) and making significant changes to its structure, priorities, and management. The bill establishes a new Housing Efficiency and Innovation Subaccount within the SHRF, allowing the Hawaii Housing Finance and Development Corporation (HHFDC) to transfer funds between subaccounts without legislative approval. It removes previous detailed priority criteria for housing projects and instead directs the HHFDC to prioritize projects that can be repaid quickly and produce the most housing units per dollar per year. The bill also broadens eligible applicants for housing funds to include organizations that use all profits for housing development and government agencies. Additionally, the bill allocates ten percent of conveyance tax collections to the Dwelling Unit Revolving Fund and removes the previous annual cap on conveyance taxes paid into the SHRF. A working group is established to review and recommend revisions to the state's housing allocation strategies, with a report due before the 2026 legislative session. These changes aim to increase housing efficiency, innovation, and affordability in Hawaii by providing more flexible funding mechanisms and focusing on project outcomes.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Re-Referred to HOU/WLA, WAM/JDC. (on 01/21/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=164&year=2026 |
| State Bill Page | https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=164&year=2025 |
| BillText | https://www.capitol.hawaii.gov/sessions/session2026/bills/SB164_.HTM |
| BillText | https://www.capitol.hawaii.gov/sessions/session2025/bills/SB164_.HTM |
Loading...