HI HB79

Establishes an affordable homeownership revolving fund administered by the Hawaii Housing Finance and Development Corporation to provide loans to nonprofit community development financial institutions and nonprofit housing development organizations for affordable housing development.

Prioritizes loans first to projects funded by federal programs (HUD, USDA Rural Development, Treasury CDFI Fund) with at least 50% of units for households at or below 80% of median family income and 5% for households at or below 50% of median family income, then to mixed-income projects with all units for households at or below 100% of median family income.

Authorizes fund moneys for development, pre-development, construction, acquisition, preservation, and rehabilitation of affordable for-sale housing units, including planning, design, land acquisition, and equity financing as matching funds.

Appropriates $1,000,000 from American Rescue Plan Act funds for fiscal year 2022-2023 to provide loans for affordable homeownership housing projects.

Requires the Hawaii Housing Finance and Development Corporation to submit annual reports to the legislature describing projects funded from the revolving fund and takes effect July 1, 2021.