HI HB1397

Adds definition of "qualified community development entity" to Hawaii Revised Statutes Chapter 210D, referencing the same meaning as in section 45D(c)(1) of the Internal Revenue Code of 1986.

Expands the Hawaii community-based economic development program to provide loans that capitalize qualified community development entities, in addition to existing direct loans and grants.

Authorizes the department to issue guarantees and credit enhancements to facilitate private lender participation in new markets tax credit financing.

Increases maximum loan amount per applicant from $250,000 to a blank amount to be specified (text shows underscored but unspecified dollar amount).

Establishes that guarantees and credit enhancements interest rates shall not exceed market rates for similar instruments, with terms not to exceed ten years.