S.B. 1389 Summary

• Establishes a transit-oriented development infrastructure improvement zone program under the Hawaii Community Development Authority to finance and develop public facilities (sewer, water, drainage, roads, telecommunications) near proposed fixed rail transit stations.

• Authorizes the Hawaii Housing Finance and Development Corporation to create subaccounts within the dwelling unit revolving fund funded by county assessments, legislative appropriations, federal grants, private investments, and voluntary contributions.

• Allows the authority to issue bonds secured by benefited properties and assessments to finance infrastructure improvements, with costs assessed against real property that specially benefits from the public facilities.

• Grants the authority power to make grants and loans to state agencies, counties, and private developers for eligible capital improvement project costs, excluding maintenance, repairs, mass transit, and electrical utilities.

• Appropriates funds to hire one full-time staff position in the Hawaii Community Development Authority to develop and manage the transit-oriented development infrastructure improvement zone program; effective July 1, 2050.