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 qualified condominium associations with low-cost financing or refinancing for maintenance or repair projects. It creates a condominium loan revolving fund and allows the authority to make loans directly to condominium associations that cannot secure full replacement value insurance or obtain sufficient funds from private lenders. The authority can also establish a condominium loan loss reserves program to incentivize lenders to provide loans at competitive rates and terms.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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