HB 417 Hawaii House · 2025 Regular Session

RELATING TO THE RENTAL HOUSING REVOLVING FUND.

Summary

Establishes the Housing Efficiency and Innovation Subaccount within the Rental Housing Revolving Fund. Specifies permissible uses of funding and priorities. Authorizes the Hawaii Housing Finance and Development Corporation to transfer funds between the Housing Efficiency and Innovation Subaccount and the Rental Housing Revolving Fund without legislative approval. Appropriates funds. Takes effect 7/1/2050. (SD1)

Issues: ✓ Housing

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

House Passage

Mar 2025

Senate Passage

Governor

Introduced Jan 16, 2025 Last action Mar 21, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

HB417_HD1 → HB417_SD1 · 7 edits

MODERATE

This bill significantly restructures the Rental Housing Revolving Fund by creating two new subaccounts with distinct purposes and priorities. The Housing Efficiency and Innovation Subaccount now focuses on specific project types like state-owned land and diverse income mixes, while a new Bond Volume Cap Recycling Program Subaccount is established. The bill also modifies loan eligibility criteria and reporting requirements to better target affordable housing for lower-income families.

Scope change

The bill expands the fund's scope by adding new subaccounts with specific funding priorities and modifies how funds are allocated between different housing project types.

FISCAL

Created a new Housing Efficiency and Innovation Subaccount with specific priority rules for projects on state/county land, efficient state funding use, diverse income mixes, and government employee housing.

Established a new Bond Volume Cap Recycling Program Subaccount to serve as a reserve for the bond volume cap recycling program.

Added appropriations for fiscal years 2025-2026 and 2026-2027 to be deposited into the rental housing revolving fund.

ELIGIBILITY

Reordered priority criteria for fund allocations, now prioritizing projects with perpetual affordability commitments and those serving the lowest-income populations first.

REQUIREMENT

Added new reporting requirements for the corporation to submit annual reports on funded projects and efforts to develop housing for families earning at or below 30% of median family income.

Modified loan-to-value ratio limits and underwriting guidelines to protect the fund from excessive risk.

TIMELINE

Set the effective date of the Act to July 1, 2050.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 21, 2025

Committee

Reported from HOU (Stand. Com. Rep. No. 1292) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Mar 18, 2025

Upper · Passed

The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 4 Aye(s): Senator(s) Chang, Hashimoto, Aquino, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Kanuha.

upper

Mar 14, 2025

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 03-18-25 1:10PM; Conference Room 225 & Videoconference.

upper

Mar 6, 2025

Committee

Referred to HOU, WAM.

upper

Mar 6, 2025

Introduced

Received from House (Hse. Com. No. 232).

upper

Mar 4, 2025

Lower · Passed

Passed Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Pierick, Ward excused (2). Transmitted to Senate.

lower

Feb 25, 2025

Lower · Passed

The committee on FIN recommend that the measure be PASSED, UNAMENDED. The votes were as follows: 14 Ayes: Representative(s) Yamashita, Takenouchi, Grandinetti, Holt, Hussey, Keohokapu-Lee Loy, Kusch, Lamosao, Lee, M., Miyake, Morikawa, Templo, Alcos, Reyes Oda; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Kitagawa, Ward.

lower

Feb 12, 2025

Committee

Reported from HSG (Stand. Com. Rep. No. 483) as amended in HD 1, recommending passage on Second Reading and referral to FIN.

lower

Feb 7, 2025

Lower · Passed

The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 7 Ayes: Representative(s) Evslin, Miyake, Grandinetti, Kitagawa, La Chica, Muraoka, Pierick; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Cochran, Kila.

lower

Jan 21, 2025

Committee

Referred to HSG, FIN, referral sheet 1

lower

Jan 17, 2025

Introduced

Introduced and Pass First Reading.

lower

Jan 16, 2025

Introduced

Pending introduction.

lower

1 primary · 0 co-sponsors