HI HB432

Establishes a Mixed-Income Subaccount within the Rental Housing Revolving Fund to finance rental and for-sale housing projects exclusively for qualified residents with incomes up to 140% of area median income

Expands allowable fund uses beyond loans to include equity investments, credit enhancement, and collateral for housing development, pre-development, construction, acquisition, preservation, and rehabilitation

Gives preference for subaccount funding to projects serving workforce members and government employees, projects on state or county land, and projects requiring the least state funding per unit with shortest loan repayment terms

Allows conveyance tax revenues allocated to the rental housing revolving fund (up to $38 million annually) to be transferred into the new mixed-income subaccount

Appropriates unspecified amounts from general revenues into the mixed-income subaccount for fiscal year 2025-2026, with an effective date of July 1, 2050