HI HB1588

Establishes the Resilient Hawaii Revolving Loan Fund under Chapter 127A, Hawaii Revised Statutes, to provide low- or no-interest loans to counties and nonprofit organizations for hazard mitigation and resiliency projects.

Fund receives deposits from federal and private sources, legislative appropriations, investment earnings, loan repayments, and other sources, and remains available in perpetuity without lapsing to the general fund.

Loans may be used to satisfy nonfederal match requirements for federal mitigation grants, with the Hawaii Emergency Management Agency administrator applying for federal STORM Act (Public Law 116-284) funding to capitalize the fund.

Appropriates $500,000 from general revenues for fiscal year 2022-2023 to deposit into the fund, and appropriates $500,000 from the fund to establish two full-time equivalent positions within the Hawaii Emergency Management Agency for administrative support.

Takes effect July 1, 2022.