HB 1817 Summary

• Authorizes the director of finance to issue general obligation bonds for deposit into the rental housing revolving fund to address Hawaii's affordable housing and homelessness crisis.

• Appropriates bond proceeds for fiscal year 2020-2021 to the Hawaii Housing Finance and Development Corporation for rental housing revolving fund authorized purposes.

• Establishes that appropriated funds shall not lapse at the end of the fiscal biennium; however, any unencumbered moneys as of June 30, 2022 shall lapse as of that date.

• Takes effect on July 1, 2025.

• Finds that Hawaii's housing affordability crisis requires consistent, predictable, long-term funding, particularly for housing affordable to households earning below $75,000 per year (representing 74% of housing demand).