H.B. 1378 Summary

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

• Defines predevelopment costs to include architectural and engineering services, financing fees, permits, environmental review, legal and accounting fees, property insurance, utilities fees, and other customary development expenses.

• Allows HHFDC to fund reimbursements using moneys from the rental housing revolving fund or the dwelling unit revolving fund.

• Amends Hawaii Revised Statutes Chapter 201H to expand eligible uses of the dwelling unit revolving fund and rental housing revolving fund to include predevelopment cost reimbursements for affordable rental housing projects.

• Takes effect July 1, 2021.