HI SB2895

Defines "qualified community development entity" to enable state financing through structures that facilitate use of federal new markets tax credits for community development projects.

Expands funding delivery methods by authorizing loans to capitalize qualified community development entities and providing guarantees or credit enhancements to encourage private lender participation in new markets tax credit financing.

Adjusts loan maximums and establishes guarantees or credit enhancements to reflect current funding availability and allow monetization of existing project assets for new markets tax credit financing purposes.

Establishes a state new markets tax credit to support revitalization efforts in low-income communities throughout Hawaii.

Changes effective date to July 1, 2050, pending further legislative discussion on the measure.