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Public supporters back HHFDC flexibility but warn transfers could weaken deep‑affordability efforts
Summary
Supporters told the Senate Committee on Housing that allowing HHFDC and the Director of Finance to shift money between the Rental Housing Revolving Fund and its mixed‑income subaccount could speed projects for workforce housing, but Catholic Charities warned such transfers might undermine preservation of deeply affordable rentals for households under 80% AMI.
The Senate Committee on Housing heard testimony Jan. 27 on Senate Bill 2060, which would let the Hawaii Housing Finance and Development Corporation (HHFDC), with approval by the Director of Finance, move funds between the Rental Housing Revolving Fund and its mixed‑income subaccount without new legislative authorization and authorize transfers into the mixed‑income subaccount for FY2026–27. The chair said the measure is a work in progress and that decision making will be deferred to Feb. 3.
Catholic Charities Hawaii testified in support of the bill’s goals but raised a central concern that transferring monies into the mixed‑income subaccount could “weaken the ongoing efforts to reduce the affordable rental housing for our lower income population under 80%,” asking lawmakers to balance workforce housing with protections for lower‑income households. “We strongly urge them to keep the rental housing … revolving fund for rentals,” said Betty Lou Larkin of Catholic Charities Hawaii.
Other supporters said giving HHFDC more flexibility would help projects move forward. Matt Probert of Holumu Collaborative told the committee his group supports the measure and that access to the mixed‑income subaccount could “help allow us to achieve affordable housing more quickly and affordably for our local working families.”
Senators asked the HHFDC director for account balances. Director Mina Kami told the committee the mixed‑income subaccount currently has no funds and estimated the RHRF’s uncommitted balance at roughly $100,000,000, while noting a distinction between encumbered, committed and uncommitted funds and that demand exceeds supply. “For the mixed income sub account, there is no funding in the account right now,” she said.
The chair said SB 2060 and related bills will be discussed again on Feb. 3 as the committee considers language to prioritize perpetual affordability, include various financing tools and set thresholds for rental affordability.
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