HI SR50

Requests the Hawaii Housing Finance and Development Corporation to adopt administrative rules enabling credit enhancement for construction loans under any funds administered by the corporation

Addresses Hawaii's extremely high housing development costs exacerbated by current high interest rates that burden housing developers and ultimately increase costs for residents

Identifies that credit enhancement for construction loans will reduce financing costs and development costs

Notes that the Hawaii Housing Finance and Development Corporation's involvement in underwriting and funding construction loan takeout financing poses minimal risk if credit enhancement is provided

Directs transmittal of certified copies of this resolution to the Executive Director and Board of Directors of the Hawaii Housing Finance and Development Corporation