HB1246 Summary

• Authorizes the Hawaii Housing Finance and Development Corporation to issue bonds for financing infrastructure development for housing projects and regional state infrastructure projects under section 201H-191.5.

• Expands bond security provisions to include income and revenues from infrastructure for housing projects, not just the housing projects themselves, in sections 201H-71(d) and (e).

• Authorizes the Hawaii Housing Finance and Development Corporation to expend regional state infrastructure subaccount revenues to repay bond holders of bonds issued for infrastructure projects and private investors for their infrastructure investments.

• Appropriates unspecified sums from general revenues into the Dwelling Unit Revolving Fund for fiscal year 2023-2024 and authorizes issuance of general obligation bonds for fiscal year 2024-2025, with funds deposited into the same fund.

• Requires the Hawaii Housing Finance and Development Corporation to report to the legislature no later than twenty days before the 2026 regular legislative session regarding housing units generated by infrastructure projects; effective date is July 1, 2050.