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

This Senate resolution urges the Hawaii Housing Finance and Development Corporation to update its rules for allocating affordable housing funds. It asks the agency to prioritize projects that are built on state or county land, have permanent affordability requirements, or are owned by organizations that must reinvest any profits into new housing. Additionally, the bill encourages developers to repay their low-interest loans early or choose shorter repayment terms to free up capital for future construction. The measure does not change existing laws but instead formally requests the agency to adjust its administrative guidelines to favor these specific types of developments.