HI SCR143

Urges the Hawaii Housing Finance and Development Corporation to work with housing stakeholders and state and county agencies to evaluate and update policies and procedures for the rental housing revolving fund program.

Requests the Corporation evaluate the timeframe and procedures for addressing outstanding award commitment funds that have not been used by developers and how unused funds could be made available to other applicants.

Requests evaluation of the feasibility of establishing a minimum of three rounds of awards from the fund annually and streamlining the application packet and requirements.

Urges the Corporation to reinstate its predevelopment loan program, subject to available funds, to assist developers in financing costs for developing affordable rental housing.

The rental housing revolving fund had an approximate cash balance of $126,000,000 with outstanding commitments of approximately $95,000,000 as of June 30, 2016.