H.B. 2745 - Rental Assistance Program

• Increases the minimum percentage of affordable units that rental housing projects must maintain for eligible tenants from 20 percent to 30 percent

• Lowers the maximum income eligibility threshold for tenants from 80 percent to 30 percent of area median income as determined by the U.S. Department of Housing and Urban Development

• Appropriates funds from general revenues to the rental assistance revolving fund for fiscal year 2018-2019 to support new rental assistance program contracts (specific dollar amount not specified in bill)

• Applies to rental housing projects financed by the Hawaii Housing Finance and Development Corporation that are subject to regulatory agreements with the corporation

• Effective January 1, 2050