HI HCR179

Reaffirms the Legislature's commitment to increase affordable housing by not allocating special purpose revenue bonds and discouraging their use.

Recognizes that special purpose revenue bonds can divert private activity bonds needed for affordable housing development, citing a 2021 financing cycle where developers requested $500 million in bonds for 2,700 units but only $151 million was available for 750 units.

References Act 182 (2022), which established a moratorium on special purpose revenue bonds from June 30, 2022, through December 31, 2028, to maximize private activity bond availability for housing projects.

Notes that private activity bonds are essential for affordable housing because four percent Low-Income Housing Tax Credits must be paired with private activity bond financing under federal law.

Directs certified copies be transmitted to the Governor, Lieutenant Governor, Director of Budget and Finance, and Executive Director of the Hawaii Housing Finance and Development Corporation.