S.B. 911 Summary

• Increases the Hula Mae Multifamily Revenue Bond authorization from $1,000,000,000 to $1,500,000,000 for financing rental housing projects.

• Authorizes the Hawaii Housing Finance and Development Corporation to issue revenue bonds under existing statutory authority in amounts up to the new $1.5 billion cap.

• Requires the corporation to submit annual reports to the legislature no later than twenty days before each regular session detailing multifamily revenue bond activity.

• Annual reports must include the amount of bond authority utilized and remaining balance, descriptions of project activity with dates and bond amounts at various approval stages, and a quarterly summary of fund activity.

• Effective date: July 1, 2017.