Bill > SB1329

This bill creates a new mixed-income rental housing subaccount within the existing Rental Housing Revolving Fund to address Hawaii's housing crisis and help keep local residents in the state. The bill establishes a dedicated funding source for mixed-income rental housing projects targeting households earning up to 140% of the area median income, which currently struggle to access financing. The new subaccount will provide loans specifically for mixed-income rental projects, with a preference given to projects that offer a diverse range of affordability, are located on state or county-owned land, and have a high likelihood of being fully repaid within 40 years. The legislation recognizes that while existing housing funds prioritize low-income housing projects, there is a need to support housing development for working families across a broader income spectrum. The bill authorizes the director of finance to transfer funds to the new subaccount and requires the Hawaii Housing Finance and Development Corporation to establish an application process with specific criteria for allocating these loans, with a special provision to prefer nonprofit projects when they are equally ranked with for-profit or government projects.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1329&year=2026