Hawaii Senate Bill SR204

Hawaii 2023 Regular Session

• Introduced: 3/10/23
• Refer: 3/15/23
• Report Pass: 4/3/23
• Passed: 4/4/23

Caption

Urging The Hawaii Housing Finance And Development Corporation To Prioritize The Allocation Of Funds From The Rental Housing Revolving Fund, Dwelling Unit Revolving Fund, And Low-income Housing Tax Credits For Projects That Will Make The Most Efficient Use Of Taxpayer Funds And Address The Most Urgent State Priorities.

Impact

The resolution outlines specific strategies for improving the funding process and distribution of housing resources. It advocates for using the Rental Housing Revolving Fund to enhance credit and guarantee loans from private financial institutions for developers seeking to create housing exclusively for Hawaii's residents. By prioritizing projects owned by the state or supportive housing units, the resolution aims to create a more stable and affordable housing environment, addressing both immediate needs and long-term sustainability in housing development.

Summary

Senate Resolution 204 urges the Hawaii Housing Finance and Development Corporation (HHFDC) to prioritize the allocation of funds from the Rental Housing Revolving Fund, Dwelling Unit Revolving Fund, and low-income housing tax credits for projects that efficiently use taxpayer funds and address urgent state priorities. The resolution emphasizes the urgent need for innovative solutions to Hawaii's severe housing crisis, particularly in increasing the supply of affordable rental housing for residents. It highlights the importance of low-income housing tax credits and the need for developers to build projects that align with state housing needs.

Sentiment

Overall, the sentiment surrounding SR204 appears to be supportive among legislators who recognize the critical housing issues facing the state. There seems to be a consensus that priority should be given to solutions that not only increase the number of affordable housing units but also ensure that these units remain accessible to residents with special needs. The call for reform in existing funding and allocation methods reflects a proactive approach to tackling the complexities of housing in Hawaii.

Contention

Notable points of contention may arise regarding the details of fund allocation and the prioritization criteria in the Qualified Allocation Plan for low-income housing tax credits. Concerns have been raised about developers utilizing these funds effectively and whether the proposed changes might effectively balance the need for profitability with community needs. Some stakeholders may worry that the new criteria could limit the participation of developers in the market or that not enough emphasis is placed on the immediate housing needs of all demographics within the state.