Informing the Legislature that on May 28, 2024, the Governor signed the following bill into law: HB1760 HD1 SD1 CD1 (ACT 035).

This bill informs the Hawaii Legislature that Governor Josh Green signed HB1760 into law on May 28, 2024, establishing a new bond volume cap recycling program for affordable rental housing. The law authorizes the Hawaii Housing Finance and Development Corporation and the state's counties to use existing tax-exempt bond limits to secure new loans, allowing them to repay old bonds and reissue funds for additional housing projects without spending their original bond caps. Additionally, the bill updates the allocation of the state's annual bond ceiling, specifying exact percentages for the state and each of the four counties. These changes are designed to provide a legal framework for leveraging federal tax incentives to create more affordable housing opportunities in Hawaii.