HI HB1748

Authorizes the director of finance to issue $300,000,000 in general obligation bonds for deposit into the rental housing revolving fund established under Hawaii Revised Statutes section 201H-202.

Appropriates $300,000,000 from the rental housing revolving fund for fiscal year 2022-2023 to support low-income rental housing projects developed pursuant to HRS section 201H-202(e)(1).

Funds target very low income households (at or below 60% of area median income) and extremely low income households (at or below 30% of area median income) in Hawaii.

Addresses housing demand exceeding supply; in 2021, 16 developers with 2,200 housing units requested $269,000,000 in funding that could not be awarded due to insufficient revolving fund allocation.

Takes effect July 1, 2050, with the Hawaii Housing Finance and Development Corporation designated to expend the appropriated funds.