HI HB1378

Authorizes the Hawaii Housing Finance and Development Corporation to reimburse qualified persons or firms for predevelopment costs of affordable rental housing projects that are certified or approved by the corporation.

Defines "predevelopment costs" to include architectural, engineering, professional services, financing fees, permits, insurance, legal fees, environmental review costs, and other customary development expenses.

Permits the corporation to use moneys from the rental housing revolving fund or dwelling unit revolving fund to make predevelopment cost reimbursements.

Amends the dwelling unit revolving fund statute to include reimbursement for predevelopment costs as an eligible use of fund moneys.

Effective July 1, 2021.