Bill > HB1010

This bill establishes a mixed-income rental housing subaccount within the existing Rental Housing Revolving Fund to address Hawaii's housing crisis by creating a dedicated funding source for rental housing projects serving households earning between 60% and 140% of the area median income. The bill recognizes that current housing funds are primarily used for low-income housing projects (serving households at or below 60% of median income), which leaves a gap for middle-income housing development. The new subaccount will allow the Hawaii Housing Finance and Development Corporation to make loans to mixed-income rental projects, with a preference given to projects that have a diverse range of affordability, are located on state or county-owned land, and are projected to be fully repaid within 40 years. The bill also authorizes the director of finance to transfer funds to this new subaccount and requires the corporation to establish an application process with specific criteria for loan allocation. Additionally, the bill includes a provision that if a nonprofit project is equally ranked with a for-profit or government project, preference will be given to the nonprofit project. The overall goal is to help keep local residents in Hawaii by providing more affordable rental housing opportunities for working families and reducing domestic outmigration.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1010&year=2026