HB 1470 Summary

• Establishes the Small Housing Provider Grant Program within the Hawaii Housing Finance and Development Corporation to provide grants to eligible property owners of multi-family residential buildings.

• Defines eligible property owners as those with income at or below 150% of the median family income and owning multi-family buildings with 2-50 rental units.

• Grants may be used for property renovations, repairs (structural, plumbing, electrical, safety), and addressing hazardous or unsafe living conditions.

• Recipients must sign a five-year affordability covenant limiting rental rates and tenant income eligibility, submit annual tenant income certifications, and repay grants if violations occur.

• Appropriates unspecified funds from general revenues for fiscal years 2025-2026 and 2026-2027 to implement the program.