HI HB432

Establishes a mixed-income subaccount within the rental housing revolving fund to finance mixed-income rental and for-sale housing projects for qualified residents earning up to 140% of area median income.

Requires the Hawaii Housing Finance and Development Corporation to create a separate application process for mixed-income subaccount funding with preference criteria including workforce/government employees, state/county-owned land projects, and projects requiring least state funding per unit.

Allows the corporation to transfer funds between the mixed-income subaccount and the main rental housing revolving fund without legislative approval and prioritizes projects pricing units at revenue-neutral minimum levels.

Modifies the rental housing revolving fund to permit financing beyond loans, including equity investments, credit enhancement, and collateral for development, acquisition, preservation, and rehabilitation of rental housing.

Appropriates funds from general revenues to the mixed-income subaccount for fiscal year 2025-2026; effective July 1, 2050.