URGING THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION TO AMEND THE PRIORITY FOR WHICH LOW-INCOME HOUSING TAX CREDITS ARE ALLOCATED AND MONIES IN THE RENTAL HOUSING REVOLVING FUND ARE USED AND ADOPT CERTAIN ADMINISTRATIVE RULES THAT INCENTIVIZE THE DEVELOPMENT OF AFFORDABLE HOUSING IN THE STATE.

This legislative resolution urges the Hawaii Housing Finance and Development Corporation to change how it prioritizes funding for affordable housing projects. It asks the agency to give preference to developments that are built on public land, have a permanent commitment to keeping rents low, or are owned by groups that must reinvest any profits into building more housing. Additionally, the bill encourages the agency to favor developers who repay their loans early or choose shorter repayment terms to free up capital for future projects. By making these changes, the resolution aims to ensure that taxpayer money supports long-term affordability and creates a cycle of continuous housing development rather than short-term gains for private owners.