HI HB678

Amends section 46-15.1, Hawaii Revised Statutes, to authorize counties to issue affordable housing credits to developers of projects under chapter 201H, allowing credits to be transferred and applied county-wide to satisfy affordable housing obligations on market-priced developments.

Permits counties to provide interim construction loans to qualified affordable housing developers and partnerships, addressing financing challenges created by rising mortgage and construction loan interest rates.

Requires the Hawaii Housing Finance and Development Corporation to conduct a study assessing the efficacy of housing credit programs, including inventories of current state and county programs, comparison with similar programs outside Hawaii, and recommendations for legislation and program extension.

Appropriates funds to the Hawaii Housing Finance and Development Corporation for fiscal year 2023-2024 to contract for services to conduct the required study, with findings and recommendations to be reported to the legislature by 2025.

Sunsets all amendments on July 1, 2028, with an effective date of July 1, 2050, while preserving prior amendments made by Act 96 and Act 159, Session Laws of Hawaii 2014 and 2017.