SB 2062 Hawaii Senate · 2026 Regular Session

RELATING TO THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION.

Summary

Establishes the Dwelling Unit Revolving Fund Equity Program as a permanent program to be administered by the Hawaii Housing Finance and Development Corporation. Authorizes the Hawaii Housing Finance and Development Corporation to purchase equity in for-sale housing development projects for qualified residents of the State using moneys in the Dwelling Unit Revolving Fund to lower the initial purchasing price. Establishes equity repayment requirements. Effective 6/29/2050.

Issues: ✓ Housing

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2026

Committee Review

Floor Vote

Governor

Introduced Jan 14, 2026 Last action Feb 3, 2026

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What changed between versions

SB2062 → SB2062_SD1_PROPOSED · 6 edits

MODERATE

This bill fundamentally shifts the Hawaii Housing Finance and Development Corporation's focus from helping residents buy homes to supporting the development of rental housing. It authorizes the use of the Rental Housing Revolving Fund for various financing methods, prioritizes projects with long-term affordability commitments, and allows the corporation to use reserved funds for short-term projects to address immediate housing shortages.

Scope change

The bill changes the program scope from a permanent 'Dwelling Unit Revolving Fund Equity Program' for homebuyers to a broader 'Rental Housing Revolving Fund' that supports rental development, mixed-income projects, and includes a new 'Mixed-Income Subaccount' for specific affordable rental initiatives.

SCOPE

Replaced the 'Dwelling Unit Revolving Fund Equity Program' with a 'Rental Housing Revolving Fund' to prioritize rental housing over for-sale homeownership.

ELIGIBILITY

Established a new 'Mixed-Income Subaccount' that gives preference to projects serving households with incomes up to 140% of the area median income.

REQUIREMENT

Mandated that projects receiving funds must demonstrate 'perpetual affordability' (lasting the project's useful life) and prioritized applicants with a history of early loan repayment.

FISCAL

Authorized the transfer of unencumbered (reserved) funds to other projects for short-term terms not exceeding three years to improve liquidity.

DEFINITION

Added the definition of 'Mixed-Income Rental Project' and repealed the sunset date for the mixed-income subaccount, making it permanent.

TIMELINE

Changed the effective date from July 1, 2023, to July 1, 2026, and repealed the previous sunset date for the mixed-income subaccount.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jan 30, 2026

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 02-03-26 1:01PM; Conference Room 225 & Videoconference (Proposed Draft).

upper

Jan 30, 2026

Upper · Passed

The committee on HOU has deleted the measure from decision making scheduled on 02-03-26 1:00PM; CR 225 & Videoconference.

upper

Jan 23, 2026

Upper · Passed

The committee(s) on HOU has scheduled a public hearing on 01-27-26 1:00PM; Conference Room 225 & Videoconference.

upper

Jan 22, 2026

Committee

Referred to HOU, WAM.

upper

Jan 21, 2026

Introduced

Introduced and passed First Reading.

upper

Jan 14, 2026

Introduced

Pending Introduction.

upper

6 primary · 0 co-sponsors