HawaiiSB 20602025–2026 Regular Session (Year 2)SenateWALLET

RELATING TO THE RENTAL HOUSING REVOLVING FUND.

Sponsored By: Stanley Chang (Democratic)

Signed by Governor

Summary

Specifies the conditions upon which the Hawaii Housing Finance and Development Corporation may transfer moneys from within the Rental Housing Revolving Fund to a subaccount and between subaccounts of the revolving fund. Authorizes the Rental Housing Revolving Fund to be used to provide any and all forms of financing. Expands the funding priorities of, and appropriates funds into and out of, the Mixed-Income Subaccount. Effective 7/1/3000. Sunsets 6/30/30 with regard to the financing and funding priorities of the Rental Housing Revolving Fund. (HD1)

HHFDCRHRFMixed-Income SubaccountHSG, FIN

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Mixed-income rentals gain new funding

A separate fund account finances mixed-income rentals for qualified residents. Projects must mainly serve households at or below 140% of median family income. The agency prioritizes varied affordability, public land or government partnerships, transit-friendly density, lasting affordability, and efficient use of state funds. Nonprofit or government projects win ties with for-profit projects. Repayments and returns stay in the account; unused money returns to the main fund after three years. These changes end June 30, 2030.

More rental housing financing options

The state housing fund can support rental housing from early planning through construction, purchase, preservation, and major repairs. It can use loans, equity investments, credit support, collateral, and other financing. This authority ends June 30, 2030, and the law sets no specific funding amount.

Reserved funds help ready rental projects

The state housing agency can temporarily use reserved, uncommitted funds for other rental projects. Each use can last up to two years, and the money must be repaid before the originally funded project’s expected closing. Total loans cannot exceed $25 million per fiscal year. With legislative approval, the agency can also borrow up to $25 million to manage timing gaps. The agency reports to lawmakers every three months. These authorities end June 30, 2030.

Sponsors & Cosponsors

Sponsor

  • Stanley Chang

    Democratic • Senate

Cosponsors

  • Mike Gabbard

    Democratic • Senate

  • Herbert M. "Tim" Richards III

    Democratic • Senate

  • Joy A. San Buenaventura

    Democratic • Senate

  • Glenn Wakai

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 212 • No: 4

House vote • 5/6/2026

House Floor Vote

Yes: 49 • No: 2

Senate vote • 5/1/2026

The Conference committee recommends that the measure be PASSED, WITH AMENDMENTS....

Yes: 3 • No: 0

House vote • 5/1/2026

The Conference Committee recommends that the measure be Passed, with Amendments....

Yes: 3 • No: 0

House vote • 4/9/2026

House Floor Vote

Yes: 48 • No: 1

House vote • 4/7/2026

The committee on FIN recommend that the measure be PASSED, UNAMENDED. The votes ...

Yes: 15 • No: 0

House vote • 3/25/2026

Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN...

Yes: 47 • No: 1

House vote • 3/20/2026

The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS. The ...

Yes: 8 • No: 0

Senate vote • 3/5/2026

Senate Floor Vote

Yes: 24 • No: 0

Senate vote • 2/19/2026

The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENT...

Yes: 11 • No: 0

Senate vote • 2/3/2026

The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENT...

Yes: 4 • No: 0

Bill Text

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