HI HB776

Authorizes the Department of Budget and Finance to issue special purpose revenue bonds not to exceed $80,000,000 to assist Pueo Development, LLC with a master planned development on Hawaiian Home Lands in Waiohuli, Maui.

Proposed development includes low- and moderate-income housing units, rental housing, elderly care units, alternative energy systems, agricultural development, and infrastructure improvements including roads and utilities on approximately 150 acres.

Development is structured as a public-private partnership with Waiohuli Hawaiian Homesteaders Association, Inc., with no investment or operational risk to the State or counties.

Bond issuance authority expires on June 30, 2026, though the Department may refund bonds issued under this Act at any time including after that date.

Act takes effect on July 1, 2021.