HI SB2342

Establishes a working group to revise Hawaii Housing Finance and Development Corporation's qualified allocation plan and propose changes to rental housing revolving fund loan terms, with a report due before the 2027 legislative session.

Requires the 2026 qualified allocation plan to mandate perpetual affordability commitments for all projects receiving low-income housing tax credits, with "perpetual" defined as the useful life of the project.

Increases priority scoring for government-owned projects in transit-oriented development areas, projects owned by organizations required to reinvest surpluses into more housing, and developers who repay rental housing revolving fund loans early or request shorter repayment terms.

Prohibits allocation of low-income housing tax credits or rental housing revolving fund moneys to any project without a perpetual affordability commitment.

Appropriates unspecified general fund revenues for fiscal year 2026-2027 to support the working group, with an effective date of July 1, 2050.