Bill > HB432

This bill establishes a Mixed-Income Subaccount within the existing Rental Housing Revolving Fund to address Hawaii's housing shortage and support workforce housing development. The subaccount will provide financing for rental and for-sale housing projects targeting residents earning between 60% and 140% of the area median income, a segment often overlooked by current housing programs. The Hawaii Housing Finance and Development Corporation (HHFDC) will manage the subaccount and prioritize projects that serve workforce members, government employees, and other populations deemed to be in the public interest. Specific preferences will be given to projects located on state or county-owned land, requiring the least state funding per unit, and projected to be fully repaid quickly. The bill allows the HHFDC to use various financing methods including loans, equity investments, and credit enhancement, and includes provisions to transfer funds between the subaccount and the main rental housing revolving fund. The legislation aims to help retain local residents by creating more affordable housing opportunities for working families and reduce net domestic outmigration. The subaccount will be funded through legislative appropriations, conveyance taxes, and other sources, with a goal of supporting mixed-income housing development that helps preserve critical segments of Hawaii's labor force.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=432&year=2026