Bill > SB2342

This bill establishes a working group to revise the Hawaii Housing Finance and Development Corporation's (HHFDC) Qualified Allocation Plan, which is a set of rules for distributing federal and state low-income housing tax credits, and to propose changes to how money from the Rental Housing Revolving Fund is prioritized and how loans from this fund are structured. The Rental Housing Revolving Fund is a significant source of financing for housing development in Hawaii, funded by taxpayer money. The bill also mandates that the HHFDC revise its 2026 Qualified Allocation Plan to prioritize projects with a "perpetual affordability commitment," meaning the housing must remain affordable for the entire lifespan of the building, and to give more weight to government-owned projects and those that reinvest surpluses into more housing, while de-emphasizing factors like project readiness and certain income targeting categories. Crucially, the bill prohibits the HHFDC from allocating low-income housing tax credits or funds from the Rental Housing Revolving Fund to any project that does not include this perpetual affordability commitment. 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=SB&billnumber=2342&year=2026