HI HB278

Authorizes the Hawaii Housing Finance and Development Corporation to establish county affordable housing subaccounts within the Dwelling Unit Revolving Fund upon request by a county.

Requires matching loans and contributions of up to $5,000,000 from both the county and the dwelling unit revolving fund to be deposited into each county affordable housing subaccount.

Requires county affordable housing subaccounts to be leveraged with private loans, contributions, and moneys from other sources.

Allows the corporation to use a portion of each county affordable housing subaccount for administrative expenses, with the specific amount to be set by the corporation and authorized by the legislature.

Directs the corporation to adopt rules under chapter 91 governing the establishment, requirements, and operation of county affordable housing subaccounts; effective July 1, 2060.