HI HB807

Establishes the Condominium Loan Program within the Hawaii Green Infrastructure Authority to provide low-cost direct financing or refinancing to condominium associations for maintenance and repairs, including fire sprinklers, pipes, and roofs

Creates the Condominium Loan Revolving Fund in the state treasury to fund loans, with deposits from loan repayments, legislative appropriations, and investment earnings

Establishes the Condominium Loan Loss Reserves Program to incentivize community development financial institutions (CDFIs) to lend to condo associations, with the state depositing 5% of original loan amounts into reserve accounts to cover potential defaults

Requires eligible condominium associations to have been declined by at least one financial institution and to obtain or commit to obtaining full replacement property and hurricane insurance coverage

Appropriates unspecified sums from general revenues to the revolving fund for fiscal years 2025-2026 and 2026-2027, with an effective date of July 1, 3000 (placeholder date)