HI HB644

Adds "qualified community development entity" definition to Hawaii Revised Statutes Chapter 210D to facilitate federal new markets tax credits financing for economic development projects.

Expands the department's authority to provide loans to capitalize qualified community development entities and to offer guarantees and credit enhancements to facilitate private lender participation in new markets tax credit financing.

Authorizes the department to establish interest rates, fees, and charges for guarantees and credit enhancements in addition to direct and participation loans.

Removes the $250,000 loan limit per applicant and allows the department to set a new maximum amount (specific amount left blank in the bill text).

Effective date is July 1, 2038.