HI HCR184

Urges Hawaii Housing Finance and Development Corporation to prioritize Low-Income Housing Tax Credit allocation to projects owned by the State or organizations required to use all financial surpluses to construct additional housing.

Requests Corporation revise the Qualified Allocation Plan to add a new criteria category allowing up to 20 percent of maximum 120 points for projects offering to convey ownership to the State or obligated housing organizations.

Directs Corporation to not award additional points for developer fees under 12 percent and to prioritize applicants with demonstrated accelerated repayment of past Rental Housing Revolving Fund loans.

Requests Corporation amend administrative rules for the Rental Housing Revolving Fund to add up to 20 percent of maximum 250 points for projects owned by the State or organizations obligated to use surpluses for housing construction.

Seeks to address the State's burden of repaying millions in annual appropriations to the Rental Housing Revolving Fund by incentivizing developers to reinvest profits into additional housing development.