HI SB1601

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

Creates the Condominium Loan Revolving Fund to fund direct loans, with loan terms limited to a maximum of 20 years and no new loans permitted after June 30, 2027

Requires condominium associations to have received at least one loan denial letter from a financial institution and to obtain or intend to obtain full replacement insurance coverage to qualify for the program

Establishes the Condominium Loan Loss Reserves Program to incentivize community development financial institutions to provide competitive-rate loans to condominium associations by creating reserve accounts to cover potential loan losses

Appropriates unspecified amounts from general revenues into the Condominium Loan Revolving Fund for fiscal years 2025-2026 and 2026-2027, with the program set to be repealed on June 30, 2047