Establishes the rental housing revolving fund for low-income housing projects in Hawaii.
The bill establishes the rental housing revolving fund to be administered by the corporation. The fund can be used for loans to develop rental housing projects, with priority given to projects with a perpetual affordability commitment and those with low-income housing credits. The fund can also be used for administrative expenses and credit enhancement. The corporation can establish rules to ensure full occupancy of fund projects and may transfer funds between the housing efficiency and innovation subaccount and the rental housing revolving fund without requiring legislative approval.
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