SB 2553 Hawaii Senate · 2026 Regular Session

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.

SB 2553 increases the maximum amount of state-funded bonds available for the Hula Mae Multifamily Revenue Program. This change would allow the program to continue financing affordable rental housing projects across the state by raising its funding limit. The bill directly affects affordable housing developers and renters who rely on these state-supported housing options. The program uses revenue bonds to fund new or existing apartment buildings offering below-market rent, and this bill would expand its capacity without creating new requirements. The bill is currently pending review by the Housing Committee.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2026

Committee Review

Feb 2026

Senate Passage

Feb 2026

House Passage

Governor

Introduced Jan 23, 2026 Last action Feb 19, 2026

Maddy AI version diff · 1 comparison

What changed between versions

SB2553 → SB2553_SD1 · 4 edits

MODERATE

This bill updates the Hula Mae revenue bond authorization ceiling from $5 billion to $4 billion and changes the effective date to July 1, 2050. It also adds a new requirement for the Hawaii Housing Finance and Development Corporation to submit a detailed report by early 2027 outlining its plan to meet statewide housing demand for households earning 60% to 140% of the area median income.

Scope change

The bill's scope expanded to include a mandatory reporting requirement for the housing corporation regarding its strategy to address housing shortages for moderate-income residents, while the funding authorization amount was reduced.

FISCAL

The maximum authorized principal amount for Hula Mae multifamily revenue bonds was decreased from $5,000,000,000 to $4,000,000,000.

REQUIREMENT

A new mandate requires the Hawaii Housing Finance and Development Corporation to submit a report to the legislature by early 2027 detailing its plan to meet housing demand for residents earning 60% to 140% of the area median income.

TIMELINE

The effective date of the Act was changed from immediate approval to July 1, 2050.

TECHNICAL

The legislative title and section numbering were updated to reflect the new SD1 version and revised statutory language.

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

Feb 19, 2026

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

upper

Feb 19, 2026

Committee

Reported from HOU (Stand. Com. Rep. No. 2403) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Feb 10, 2026

Upper · Passed

The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 5 Aye(s): Senator(s) Chang, Hashimoto, Elefante, Rhoads, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Feb 2, 2026

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 02-05-26 1:01PM; Conference Room 225 & Videoconference.

upper

Jan 28, 2026

Committee

Referred to HOU, WAM.

upper

Jan 23, 2026

Introduced

Introduced.

upper

3 primary · 0 co-sponsors