HB 432 Hawaii House · 2025 Regular Session

RELATING TO THE RENTAL HOUSING REVOLVING FUND.

Summary

Establishes the Mixed-Income Subaccount within the Rental Housing Revolving Fund to prioritize development of workforce rental and for-sale housing projects for qualified residents. Requires the Hawaii Housing Finance and Development Corporation to adopt administrative rules. Appropriates moneys. Effective 7/1/2050. (SD2)

Bill status passed both 4 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Apr 2025

House Passage

Mar 2025

Senate Passage

Apr 2025

Governor

Introduced Jan 17, 2025 Last action Apr 25, 2025

Maddy AI version diff · 3 comparisons

What changed between versions

HB432_SD1 → HB432_SD2 · 6 edits

MODERATE

This bill revision (SD2) reorganizes and clarifies the Rental Housing Revolving Fund by establishing a new Mixed-Income Subaccount to specifically target workforce housing and for-sale projects. It updates eligibility criteria to prioritize mixed-income projects serving households earning up to 140% of area median income, which were previously excluded from the fund. The revision also adds new funding mechanisms, including a bond volume cap recycling program subaccount, and sets a future effective date of July 1, 2050.

Scope change

The bill's scope expanded to explicitly include for-sale housing and workforce rental housing alongside traditional low-income rental projects, creating a dedicated subaccount for mixed-income initiatives.

FISCAL

Created a new Mixed-Income Subaccount within the Rental Housing Revolving Fund to specifically finance mixed-income rental and for-sale projects for qualified residents.

Established a new bond volume cap recycling program subaccount to serve as a reserve for the bond volume cap recycling program.

Added new appropriation sections for fiscal year 2025-2026 to deposit funds into the mixed-income subaccount, though specific dollar amounts remain blank for legislative action.

ELIGIBILITY

Updated priority criteria to explicitly include mixed-income projects serving households earning up to 140% of area median income, addressing the previous gap where these projects could not access fund financing.

REQUIREMENT

Added new requirements for the Hawaii Housing Finance and Development Corporation to establish an application process for the mixed-income subaccount that prioritizes projects on state/county land and those requiring the least state funding per unit.

TIMELINE

Changed the effective date of the Act from an unspecified date to July 1, 2050.

HB432 → HB432_HD1 · 8 edits

MODERATE

The bill was reformatted from a legislative text version to a document metadata version, with the actual bill content appearing as a separate text block. The substantive policy content remains the same, establishing a Mixed-Income Subaccount within the Rental Housing Revolving Fund to support rental housing for households earning up to 140% of area median income, which previously could not access the fund due to prioritization of lower-income projects.

Scope change

The bill's scope remains focused on expanding access to rental housing financing for middle-income households (up to 140% of area median income) through a dedicated subaccount, while maintaining existing funding mechanisms for lower-income projects.

TECHNICAL

Document format changed from standard legislative text to metadata/processing format with file headers and timestamps, while substantive bill text is preserved as a separate text block.

FISCAL

Establishes a new Mixed-Income Subaccount within the Rental Housing Revolving Fund specifically for projects serving households earning up to 140% of area median income.

Authorizes the Director of Finance to transfer funds from the main Rental Housing Revolving Fund to the new Mixed-Income Subaccount for fiscal years 2025-2026 and 2026-2027.

Appropriates general state revenues to the Mixed-Income Subaccount and establishes an appropriation from the subaccount itself for ongoing operations.

REQUIREMENT

Requires the Hawaii Housing Finance and Development Corporation to establish a separate application process for the Mixed-Income Subaccount with specific priority criteria including diverse affordability, state/county owned land, and 40-year loan repayment projections.

Amends Section 201H-204 to establish priority criteria for fund allocation, including preference for nonprofit projects and criteria for mixed-income projects.

Requires the corporation to submit an annual report to the legislature describing funded projects and efforts to develop housing for households earning at or below 30% of median family income.

ELIGIBILITY

Clarifies that mixed-income projects with units serving households up to 140% of area median income are now eligible for funding, whereas previously these projects could not utilize the revolving fund due to prioritization of lower-income tax credit projects.

Floor votes

How they voted

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

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Apr 25, 2025

Upper · Passed

Conference committee meeting to reconvene on 04-25-25 4:30 PM; Conference Room 225.

upper

Apr 25, 2025

Upper · Passed

Conference committee meeting to reconvene on 04-25-25 3:30 PM; Conference Room 016.

upper

Apr 24, 2025

Upper · Passed

Conference committee meeting to reconvene on 04-25-25 10:30AM; Conference Room 224.

upper

Apr 23, 2025

Upper · Passed

Conference committee meeting to reconvene on 04-24-25 10:30AM; Conference Room 224.

upper

Apr 22, 2025

Upper · Passed

Conference committee meeting to reconvene on 04-23-25 10:30AM; Conference Room 224.

upper

Apr 21, 2025

Lower · Passed

Conference Committee Meeting will reconvene on Tuesday 04-22-25 10:30AM in conference room 224.

lower

Apr 17, 2025

Upper · Passed

Conference committee meeting scheduled for 04-21-25 10:30AM; Conference Room 224.

upper

Apr 4, 2025

Amended

House disagrees with Senate amendment (s).

lower

Apr 3, 2025

Introduced

Returned from Senate (Sen. Com. No. 543) in amended form (SD 2).

lower

Apr 3, 2025

Upper · Passed

Report Adopted; Passed Third Reading, as amended (SD 2). Ayes, 25; Aye(s) with reservations: none. Noes, 0 (none). Excused, 0 (none). Transmitted to House.

upper

Mar 28, 2025

Upper · Passed

The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in WAM were as follows: 11 Aye(s): Senator(s) Dela Cruz, Moriwaki, Aquino, DeCoite, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Kim, Wakai; Aye(s) with reservations: none ; 0 No(es): none; and 2 Excused: Senator(s) Lee, C., Fevella.

upper

Mar 25, 2025

Upper · Passed

The committee(s) on WAM will hold a public decision making on 03-28-25 10:02AM; Conference Room 211 & Videoconference.

upper

Mar 20, 2025

Committee

Reported from HOU (Stand. Com. Rep. No. 1178) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Mar 11, 2025

Upper · Passed

The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 3 Aye(s): Senator(s) Chang, Hashimoto, Kanuha; Aye(s) with reservations: none ; 0 No(es): none; and 2 Excused: Senator(s) Aquino, Fevella.

upper

Mar 7, 2025

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 03-11-25 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. 237).

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. 490) 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: 6 Ayes: Representative(s) Evslin, Miyake, Grandinetti, Kitagawa, La Chica, Muraoka; Ayes with reservations: none; 1 Noes: Representative(s) Pierick; and 2 Excused: Representative(s) Cochran, Kila.

lower

Jan 21, 2025

Committee

Referred to HSG, FIN, referral sheet 2

lower

Jan 21, 2025

Introduced

Introduced and Pass First Reading.

lower

Jan 17, 2025

Introduced

Pending introduction.

lower

41 primary · 0 co-sponsors