H.B. 2088 - Summary

• Establishes a commercial property assessed financing program administered by the Hawaii Green Infrastructure Authority to help commercial property owners finance qualifying improvements including cesspool upgrades, wastewater system connections, clean energy technology, and property resilience measures.

• Allows commercial property owners to finance qualifying improvements through non-ad valorem special tax assessments that appear on property tax bills, with repayment terms not exceeding the useful life of the improvements.

• Requires commercial property assessed financing lenders to verify the borrower's creditworthiness, ensure all property taxes are current, and obtain written consent from mortgage holders before entering into financing contracts.

• Mandates that counties coordinate with the authority to levy and collect assessments in the same manner as property taxes, with the same penalties and lien priorities; excludes these assessment contracts from state debt limits under the state constitution.

• Authorizes individual counties to establish their own commercial property assessed financing programs administered by the county instead of the state authority if they enact ordinances to do so.