H.C.R. NO. 85 Summary

• Requests the Hawaii Housing Finance and Development Corporation (HHFDC) adopt administrative rules enabling credit enhancement for construction loans under the Rental Housing Revolving Fund.

• Addresses high housing development costs exacerbated by current interest rates that strain developers and increase housing costs for residents.

• Credit enhancement for construction loans would reduce financing costs and development expenses, posing minimal risk to the Rental Housing Revolving Fund given HHFDC's involvement in underwriting and takeout financing.

• Requires certified copies of the resolution be transmitted to the HHFDC Executive Director and Board Chairperson.