HI HB1692

Enables condominiums with six or more units to participate in Commercial Property Assessed Financing (C-PACER) to finance fire safety improvements, energy efficiency, renewable energy, water conservation, and resiliency measures.

Amends the definition of "commercial property" under section 196-61 to explicitly include condominium property regimes consisting of six or more units, multi-family dwellings with five or more units, and properties with leasehold interests.

Allows condominium associations to levy C-PACER non-ad valorem special assessments as common expenses on the project, with unit owners' proportionate share collected like regular common expenses.

Requires written consent of at least 50 percent of unit owners to finance improvements with C-PACER, and mandates acknowledgment that annual special assessment for debt service shall be included in the association's adopted revised budget.

Establishes that C-PACER special assessments are prioritized equal to other common expenses in payment hierarchy and are included in the definition of "regular monthly common assessments" for foreclosure limitation purposes.

Takes effect July 1, 2024.