HI HB1490

Creates a transit-oriented development revolving loan fund administered by the director of finance, funded by legislative appropriations, private contributions, loan repayments, and federal sources.

Provides no-interest loans for public-private partnerships to develop housing projects and infrastructure (sewer, water, drainage, roads, telecommunications, broadband) within one-half mile of a rail transit station.

Authorizes the department to guarantee loans made by lenders for transit-oriented development projects that include housing, with a maximum outstanding guarantee cap of $8,500,000.

Sets maximum loan terms of 10 years for operating cost loans and 20 years for capital improvement loans, with the department authorized to adopt rules and impose additional conditions.

Requires annual legislative reports describing funded projects and efforts to achieve transit-oriented development, effective July 1, 2015.