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Committee advances bill to create housing efficiency and innovation subaccount in RHRF
Summary
Senate Bill 35, which establishes a housing efficiency and innovation subaccount within the Rental Housing Revolving Fund and clarifies permissible uses and priorities, passed the Senate Committee on Housing with amendments to expand prioritization language for certain state- or county-owned projects and nonprofit developers.
The Senate Committee on Housing voted to pass Senate Bill 35 with amendments that revise permissible uses and priorities within the Rental Housing Revolving Fund (RHRF) and create a housing efficiency and innovation subaccount.
HHFDC stood on its testimony in support. During decision making the chair said the amendment will revise language on page 5 (lines 3–4) to cover projects on land owned or developed by the state or a county and projects owned by entities required to use all financial surplus to develop more housing. The committee report will also note that nonprofit housing developers can qualify for prioritization under the criterion of least state funding per unit per year.
The Tax Foundation of Hawaii filed comments and the committee heard support from ROAR Cares and other stakeholders. Angela Melody Young of ROAR Cares testified in strong support and urged flexibility in fund transfers and eligibility so that qualified nonprofit and for-profit entities, LLCs, partnerships and government agencies can access RHRF financing.
Action: Committee recommendation to pass SB 35 with amendments was adopted; the chair cast an aye vote and the recommendation was recorded as passed.
