Establishes a condominium loan program in Hawaii to provide financing for maintenance and repairs.
The bill establishes a condominium loan program within the Hawaii green infrastructure authority to provide low-cost financing for maintenance or repair projects in condominiums. The authority can make loans directly to condominium associations that cannot secure full replacement value insurance or obtain sufficient financing. Participating financial institutions can enroll loans in a condominium loan loss reserves program, which incentivizes lenders to provide competitive rates and terms. The authority uses moneys in the condominium loan revolving fund to cover losses on enrolled loans.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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