HI SB2062

Authorizes the Hawaii Housing Finance and Development Corporation (HHFDC) to transfer money between the Rental Housing Revolving Fund and its subaccounts with Director of Finance approval, without requiring separate legislative authorization.

Expands permissible uses of the Rental Housing Revolving Fund to include any form of financing—loans, equity investments, credit enhancement, and collateral—for developing, constructing, acquiring, preserving, and rehabilitating rental housing.

Requires HHFDC to give preference in the mixed-income subaccount allocation process to projects with perpetual affordability commitments and to applicants with demonstrated histories of early loan repayment.

Permits HHFDC to use reserved but unencumbered funds for other rental housing projects on a short-term basis (up to three years), with quarterly reporting to the legislature and requirements to replenish funds before originally reserved project closing dates.

Repeals the June 30, 2030 sunset date for the mixed-income subaccount of the Rental Housing Revolving Fund, making the subaccount permanent.