S.B. 143 Summary

• 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 development of affordable for-sale housing projects.

• Prioritizes funding for projects receiving federal funds from HUD, USDA Rural Development, or Treasury Community Development Financial Institutions Fund that reserve at least 50% of units for households earning at or below 80% of median family income (with 5% for those at 50% or below), with remaining units for households at 120% of median family income or below.

• Fund moneys may be used for development, pre-development, construction, acquisition, preservation, substantial rehabilitation, planning, design, land acquisition, and equity financing as matching funds for nonprofit organizations.

• Appropriates $1,000,000 from general revenues for fiscal years 2021-2022 and 2022-2023 to be deposited into the fund, and $1,000,000 from the fund itself for each year to provide loans to eligible nonprofit organizations.

• Takes effect July 1, 2021, and requires the corporation to submit annual reports to the legislature describing funded projects.