HB 869 Summary

• Authorizes the director of finance to issue $2,050,000,000 in general obligation bonds for affordable housing development across multiple programs and entities in fiscal year 2017-2018.

• Allocates bond funding as follows: $500 million to Hawaii Housing Finance and Development Corporation for dwelling unit and rental housing revolving funds; $400 million to Hawaii Public Housing Authority for Kuhio Park Terrace, Mayor Wright housing development, and School Street project improvements; $200 million to Hawaii Public Housing Authority for long-term rental housing for homeless or low-income households; $450 million to Hawaii Housing Finance and Development Corporation for affordable rental units; $400 million to Hawaii Housing Finance and Development Corporation for infrastructure on state lands near transit-oriented development sites (Aloha Stadium, Leeward Community College, University of Hawaii West Oahu, Iwilei); and $50 million to Department of Hawaiian Home Lands for a multiple-unit high-rise condominium for eligible homesteaders.

• Modifies Section 247-7, Hawaii Revised Statutes, to allow conveyance tax revenues to be used to repay the bonds issued under this Act.

• Modifies Section 248-2.6, Hawaii Revised Statutes, to allow county surcharges on state tax to be used to repay the bonds issued under this Act.

• Appropriations do not lapse until June 30, 2020, allowing extended project timelines for housing construction.