HI SB3062

Removes the $38,000,000 annual cap on state conveyance tax revenues deposited into the rental housing revolving fund, allowing fifty percent of collected conveyance taxes to be paid into the fund without limitation.

Maintains the existing $6,800,000 cap on ten percent of conveyance tax revenues directed to the land conservation fund established under section 173A-5.

Directs unlimited conveyance tax funds toward development, pre-development, construction, acquisition, preservation, and substantial rehabilitation of affordable rental housing units to help meet the state's goal of 22,500 rental housing units ready for occupancy by 2026.

Modifies section 247-7 of the Hawaii Revised Statutes by striking the dollar cap language "or $38,000,000, whichever is less" from the rental housing revolving fund provision.

Takes effect on July 1, 2050.