HI HB1763

Adds definition of "project readiness" to mean projects anticipated to commence construction within one year of financing award.

Eliminates grants from the Rental Housing Revolving Fund, allowing only loans; prohibits loan forgiveness unless the corporation forecloses on the project.

Adds credit enhancement for construction loans as a permitted use of the fund.

Establishes new priority system for fund allocation requiring project readiness, with highest priority for projects on state/county-owned land, projects required to be conveyed to state/county, nonprofit-owned projects, projects with perpetual affordability, and projects from developers with early repayment records or shorter repayment terms.

Requires Hawaii Housing Finance and Development Corporation to submit a report by 20 days before the 2025 legislative session on plans to ensure the fund's self-sufficiency; effective July 1, 2050 for applications submitted after June 30, 2024.