HI SB744

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 receive legislative appropriations, loan repayments, and interest earnings to support the direct lending program

Establishes the Condominium Loan Loss Reserves Program to incentivize private lenders to offer competitive loan rates by creating reserve accounts that reimburse participating financial institutions for loan losses

Limits direct loan eligibility to condominium associations unable to secure full replacement value insurance at reasonable rates or obtain sufficient private financing independently

Requires annual reports to the legislature on program progress and loan data beginning in 2027, with mandatory annual audits of the revolving fund by independent certified public accountants