S.B. 2625 Summary

• Establishes an Affordable Homeownership Revolving Fund administered by the Hawaii Housing Finance and Development Corporation to provide loans for affordable for-sale housing development by nonprofit organizations and community development financial institutions.

• Prioritizes loan awards to projects funded by federal sources in the following order: U.S. Department of Housing and Urban Development, U.S. Department of Agriculture Rural Development, and U.S. Department of Treasury community development financial institutions fund.

• Requires that low-income housing projects reserve at least 50% of units for households at or below 80% of median family income (with at least 5% for those at or below 50%), and remaining units for households at or below 120% of median family income.

• Permits fund uses for project development, pre-development, construction, land acquisition, equity financing, and other housing development services as established by corporation rules.

• Appropriates funds to establish the revolving fund and provide loans in fiscal year 2020-2021; requires the corporation to submit annual reports to the legislature on funded projects; effective July 1, 2050.