SB 71 Summary

• Establishes a mixed-income subaccount within the rental housing revolving fund to finance workforce rental housing projects for persons and families with incomes at or below 140 percent of area median income.

• Creates a separate application and allocation process for the mixed-income subaccount with preference given to projects with diverse affordability levels, located on state or county land, with 40-year loan repayment projections, and nonprofit status when equally ranked with for-profit projects.

• Authorizes the director of finance to transfer funds from the rental housing revolving fund to the mixed-income subaccount.

• Allows funds from conveyance taxes allocated to the rental housing revolving fund to be transferred into the mixed-income subaccount.

• Appropriates unspecified amounts from general revenues and the mixed-income subaccount for fiscal years 2025-2026 and 2026-2027 to the Hawaii housing finance and development corporation (effective July 1, 3000).