Bill > HB417

This bill amends the Hawaii Rental Housing Revolving Fund by establishing a new Housing Efficiency and Innovation Subaccount within the existing fund, which can be used to finance rental, rent-to-own, or for-sale housing projects exclusively for qualified residents. The subaccount will prioritize projects on state or county-owned land, projects that efficiently use state funding, projects with a diverse income range of units, and projects prioritizing government employees. The Hawaii Housing Finance and Development Corporation is authorized to transfer funds between the subaccount and the main fund without legislative approval. The bill modifies the existing fund's priorities to include projects with low-income housing credits, with a specific emphasis on units for low-income families, and introduces more flexibility in financing options such as loans, equity investments, and credit enhancement. The bill also requires the corporation to submit an annual report to the legislature describing funded projects and efforts to develop housing for low-income residents. Appropriations are included for fiscal years 2025-2026 and 2026-2027, with funds designated for the Hawaii Community Development Authority's ninety-nine-year leasehold project. The bill is set to take effect on July 1, 2050.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=417&year=2026