HB 1829 Summary

• Requires counties and other private activity bond issuers to submit semi-annual reports to the Department of Budget and Finance and Hawaii Housing Finance and Development Corporation on the status and use of their annual state ceiling allocation.

• Changes the deadline for counties to report unused or unassigned bond allocation from December 15 to November 15 each year, and requires this report be submitted to both the Department of Budget and Finance and Hawaii Housing Finance and Development Corporation.

• Prohibits authorization of special purpose revenue bonds requiring annual ceiling allocation between June 30, 2022 and December 31, 2028, unless requested by the governor and approved by the legislature.

• Restricts allocations to counties with populations over 500,000 between June 30, 2022 and December 31, 2028 to be used exclusively for rental housing projects eligible for low-income housing tax credits.

• Takes effect July 2, 2022.