H.B. 807 Summary

• Establishes the Condominium Loan Program within the Hawaii Green Infrastructure Authority to provide low-cost financing and refinancing to qualified condominium associations for maintenance and repairs including fire safety systems, pipes, roofs, and other approved projects.

• Creates the Condominium Loan Loss Reserves Program to incentivize community development financial institutions to offer competitive loan rates and terms by depositing reserve funds equal to 5% of original loan amounts to cover potential defaults.

• Restricts eligibility to condominium associations that have received at least one loan denial from a financial institution and have obtained full replacement property and hurricane insurance coverage.

• Establishes a condominium loan revolving fund fed by loan repayments, legislative appropriations, and investment earnings to support both the direct loan program and reserve account deposits.

• Requires the Hawaii Green Infrastructure Authority and participating lenders to submit annual reports to the legislature detailing program progress, loan data, and fund balances, with independent audits of the revolving fund conducted annually.