S.B. 3302 Summary

• Establishes an Environmental and Economic Development Revolving Loan Program administered by the Hawaii Green Infrastructure Authority to provide at or below-market interest loans to eligible borrowers for wastewater system upgrades, energy conservation, renewable energy retrofits, and other green infrastructure improvements.

• Creates the Environmental and Economic Development Revolving Loan Fund within the Hawaii Green Infrastructure Special Fund, funded by federal, state, county, and private sources, with deposits from loan repayments and fees; appropriates $25,000,000 from general revenues for fiscal year 2022-2023.

• Authorizes a Property Assessed Financing Program allowing property owners to finance qualifying improvements through non-ad valorem special tax assessments appearing on property tax bills, with terms not exceeding the useful life of the improvements.

• Establishes property assessed financing assessment contracts between lenders, property owners, and the authority, with specific underwriting requirements for residential properties (payment ability, tax payment history, no delinquent liens) and commercial properties (standard commercial underwriting practices).

• Allows counties with charters to establish their own property assessed financing programs and requires coordination with county directors of finance for billing and collection of non-ad valorem special tax assessments; effective July 1, 2024.