HI SB1653

Increases the state's liability limit for Department of Hawaiian Home Lands (DHHL) loan guarantees from $100,000,000 to $500,000,000.

Applies the increased liability cap to moneys borrowed by DHHL and loans made to lessees that are guaranteed by the department.

Responds to increased mortgage interest rates and construction costs since Act 279 (2022) made a $600,000,000 appropriation, which have prevented Hawaiian home lands lessees from qualifying for mortgages or affording contractor costs.

Allows DHHL to guarantee more loans as the department is expected to develop significantly increased numbers of housing units in coming years.

Takes effect upon notification from the Secretary of the Interior that the Act meets no criteria requiring congressional approval, or upon congressional approval if required.