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HI SR31
Resolution
AI Summary
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Urges the Hawaii Housing Finance and Development Corporation (HHFDC) to amend its Qualified Allocation Plan to prioritize Low-Income Housing Tax Credit (LIHTC) allocation and Rental Housing Revolving Fund loans based on specific project characteristics and developer qualifications.
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Prioritizes funding for projects on state or county-owned land, projects requiring conveyance to the State or county, projects owned by organizations committed to reinvesting surplus into housing, and projects with perpetual affordability commitments.
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Prioritizes developers who demonstrate a record of early loan repayment or request shorter repayment terms to incentivize refinancing after 15 years and recycling of funds for future housing development.
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Argues that current LIHTC structure enriches developers through developer fees and capital gains while limiting long-term affordability, and that reforms would ensure more efficient use of taxpayer resources and sustained housing development.
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Directs certified copies be transmitted to the Governor, Director of Business, Economic Development, and Tourism, and the HHFDC Executive Director and Board of Directors.
Legislative Description
Urging The Hawaii Housing Finance And Development Corporation To Amend The Priority For Which Low-income Housing Tax Credits Are Allocated And Moneys In The Rental Housing Revolving Fund Are Used And To Adopt Certain Administrative Rules That Incentivize The Development Of Affordable Housing In The State.
Rental Housing Revolving Fund
Last Action
Certified copies of resolution sent, 05-31-24
5/31/2024