Bill > SB2060

This bill makes several changes to the Rental Housing Revolving Fund, which is managed by the Hawaii Housing Finance and Development Corporation (HHFDC) to provide financing for rental housing development. Key provisions include authorizing the HHFDC, with approval from the Director of Finance and the Legislature, to move money between the fund and its subaccounts without needing separate legislative approval for each transfer, and expanding the types of financing the fund can offer beyond just loans to include equity investments, credit enhancement, and collateral. The bill also prioritizes projects with commitments to remain affordable permanently and those from applicants with a history of repaying loans early, and requires that loans made after December 31, 2026, be subject to review and renegotiation if the underlying mortgage debt is refinanced or paid off. Additionally, it permanently establishes a "mixed-income subaccount" within the fund, which is defined as a rental housing development serving households with incomes up to 140% of the area median income, and allows the Director of Finance to transfer up to $100 million to this subaccount for fiscal year 2026-2027. The bill's changes are 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=SB&billnumber=2060&year=2026