Status as of 4/25/25:
This bill did not get an agreeable conference draft by the Final Decking deadline. This bill is dead.
Why Hawaiʻi YIMBY Support This Bill:
The current structure of the Rental Housing Revolving Fund (RHRF) results in an imbalance in funding for affordable housing projects. Now, the RHRF first prioritizes it's limited funds for low-income federal and state funded projects (targeted at those earning 60% AMI or less), the limited funds are usually fully allocated to these projects, while mixed-income projects (targeted at those earning 140% AMI or less), do not receive funding. Due to this imbalance, we are seeing a 'gap' in rental housing financing where homes for those making between 60% and 140% AMI (much of our workforce) do not get funded and do not get built. When we don't build homes for our workforce, they end up leaving for the mainland in search of more affordable housing.
This bill seeks to maintain the current structure that first prioritizes the low-income housing projects, while creating a new subaccount (or tier) for housing projects that will include those in the 60% to 140% AMI range. This will help allocate valuable financing to housing projects for our workforce, while continuing to fund our low-income housing projects.
Bill Description:
- Establishes the mixed-income subaccount within the Rental Housing Revolving Fund that targets workforce rental housing projects for persons and families with incomes at or below one hundred forty per cent of the area median income.
- Authorizes the Director of Finance to transfer funds from the Rental Housing Revolving Fund into the mixed-income subaccount.
- Appropriates funds into and out of the mixed-income subaccount of the Rental Housing Revolving Fund.
- Effective 7/1/3000. (HD1)
This page will be updated periodically throughout the legislative session. For the most up-to-date status, please visit the bill's page on the Hawai'i State Legislature's website.