Establishes, and appropriates funds for, a working group to make recommendations to revise the Hawaii Housing Finance and Development Corporation's Qualified Allocation Plan and propose revisions to the prioritization of the Rental Housing Revolving Fund and the terms of loans made from the Rental Housing Revolving Fund. Effective 7/1/3000. (HD1)
Adds loan funds administered by Nonprofit Community Development Financial Institutions (CDFIs) for certain for-sale affordable housing projects to list of loan priorities for the Affordable Homeownership Revolving Fund. Expands use of funds in the revolving fund to allow financing as matching funds for CDFIs to mobilize other funding sources. Effective 7/1/3000. (HD1)
Exempts transfers of Hawaiian Home Lands from transfer restrictions for real property under housing development programs of the Hawaii Housing Finance and Development Corporation. Effective 7/1/3000. (SD1)
Requires that Hawaii Housing Finance and Development Corporation housing projects include a restrictive covenant that states that the units designated as affordable housing, as described in the submitted project application, shall remain as affordable housing in perpetuity. Prohibits development of affordable housing in a special flood hazard area.
Establishes a working group to revise the State's Qualified Allocation Plan, the prioritization of the Rental Housing Revolving Fund, and the terms of loans made from the RHRF. Requires a report to the Legislature.
Requires the Hawaii Housing Finance and Development Corporation to develop and maintain comprehensive Housing Equity Dashboard on the Corporation's website that provides annual public reporting on certain statistics regarding affordable housing production. Appropriates funds.
Authorizes the Hawaii Housing Finance and Development Corporation to allow projects to grant preferences in the sale or lease of housing units to applicants who live or work within five miles of the project. Takes effect 7/1/2050. (SD1)
Establishes the Supportive Housing Special Fund. Restructures the conveyance tax to a marginal rate system and adjusts the tax for multifamily properties to reflect value on a per-unit basis. Allocates revenues from conveyance tax collections to the Supportive Housing Special Fund. Allocates a portion of conveyance tax collections to the Dwelling Unit Revolving Fund to fund infrastructure programs in county-designated transit-oriented development areas that meet minimum standards of transit-supportive density. Effective 7/1/3000. (HD2)
SB 843 establishes the Kupuna Home Equity Conversion Mortgage Program through Hawaii's Housing Finance and Development Corporation. The program allows Hawaii seniors (referred to as "kupuna," meaning elders) who own homes to convert their home equity into income without selling their property. Key provisions include creating a state-administered mortgage option specifically for older homeowners seeking financial support. This bill directly affects eligible Hawaii seniors with home equity, providing a new tool to access funds while remaining in their homes.
Exempts housing developments that have obtained financing commitments from the State or is located on state land from the requirement to obtain approval from the applicable county council. Effective 7/1/2050.
