Establishes the rental housing revolving fund to finance mixed-income rental housing projects in Hawaii.
The bill establishes the rental housing revolving fund to finance mixed-income rental housing projects. It allows the fund to be used for loans for development, construction, acquisition, and rehabilitation of rental housing units. The fund can also be used for pre-development activity grants or loans to nonprofit organizations. The bill prioritizes projects targeting persons and families with incomes up to 140% of the median family income. It also establishes a mixed-income subaccount within the fund for loans to mixed-income rental projects.
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