Informing the Legislature that on July 9, 2024, the Governor signed the following bill into law: HB1763 HD1 SD2 CD1 (ACT 235).

This bill, signed into law on July 9, 2024, updates Hawaii's housing finance statutes to better guide the allocation of funds for rental housing projects. It directly affects the state housing corporation and developers by establishing new definitions for project readiness, efficiency, and feasibility to evaluate loan and grant applications. The law prioritizes funding for projects with perpetual affordability commitments, followed by those serving low-income families, and finally mixed-income projects, while also setting strict limits on loan-to-value ratios to manage financial risk.