Bill > HB417

This bill establishes a new Housing Efficiency and Innovation Subaccount within the existing Rental Housing Revolving Fund, managed by the Hawaii Housing Finance and Development Corporation. The subaccount allows the corporation to transfer funds between the subaccount and the main fund without legislative approval, and provides flexible financing options for housing projects. The bill prioritizes projects that are on state or county-owned land, efficiently use state funding, include a mix of affordable housing units, and prioritize government employees. The legislation modifies the existing fund's priorities to include financing methods beyond traditional loans, such as equity investments and credit enhancement, with a focus on creating affordable housing for various income levels. Specifically, the bill requires that housing projects target residents with incomes ranging from 30% to 140% of the median family income, with a preference for projects that have perpetual affordability commitments. The bill also requires the corporation to submit an annual report to the legislature detailing funded projects and efforts to develop housing for lower-income residents. The new subaccount aims to provide more innovative and flexible approaches to addressing Hawaii's housing challenges, with a particular emphasis on creating housing options for government employees and efficiently utilizing state resources.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=417&year=2025