RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.

Housing Taxes

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: EVSLIN, AMATO, CHUN, GARRETT, GRANDINETTI, HUSSEY, ILAGAN, KAPELA, KEOHOKAPU-LEE LOY, KILA, KUSCH, LEE, M., LOWEN, MARTEN, MATAYOSHI, MATSUMOTO, MIYAKE, MORIKAWA, PERRUSO, POEPOE, REYES ODA, SOUZA, TAM, TARNAS, WOODSON
Last action: 2026-03-30
Official status: Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
Effective date: Not listed

Plain English Breakdown

The effective date listed in the bill summary (7/1/3000) appears to be a placeholder and likely needs correction.

Increasing Funding for Affordable Rental Housing

This bill increases the amount of money available to finance affordable rental housing in Hawaii through Hula Mae Multifamily Revenue Bonds.

What This Bill Does

Increases the maximum amount of bonds that can be issued from $3 billion to $5 billion to help fund more affordable rental housing projects.
Clarifies that certain types of bonds, called refunding bonds, do not count towards this new limit.
Requires the Hawaii Housing Finance and Development Corporation to report back to the Legislature about how these funds are being used.

Who It Names or Affects

People who need affordable rental housing in Hawaii
The Hawaii Housing Finance and Development Corporation

Terms To Know

Hula Mae Multifamily Revenue Bond: A type of bond used to finance the construction or purchase of affordable rental housing projects.
Refunding Bonds: Bonds that are issued to pay off existing bonds, and do not count against the new funding limit set by this bill.

Limits and Unknowns

The bill does not specify how the additional funds will be allocated or managed.
It is unclear what specific projects will receive funding from these increased bond limits.
This bill takes effect on July 1, 3000, which seems to be a placeholder date and likely needs correction.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HD1

Hawaii published version HD1

Plain English: This amendment increases the Hula Mae Multifamily Revenue Bond authorization ceiling from $3 billion to $5 billion to help finance affordable rental housing statewide.

Increases the maximum amount of revenue bonds that can be issued by the Hawaii Housing Finance and Development Corporation from $3,000,000,000 to $5,000,000,000 for the Hula Mae Multifamily Revenue Bond program.
Clarifies that refunding bonds do not count towards the total authorized bond amount.

The amendment specifies an effective date of July 1, 3000, which seems to be a placeholder or error and should likely be corrected in future versions.

HD2

Hawaii published version HD2

Plain English: This amendment increases the Hula Mae Multifamily Revenue Bond authorization ceiling to $3 billion to help finance affordable rental housing statewide.

Increases the authorized aggregate principal amount for Hula Mae Multifamily Revenue Bonds from an unspecified previous amount to $3,000,000,000 (three billion dollars).
Clarifies that revenue bonds treated as refunding bonds under federal tax law do not count against this authorization ceiling.

The exact previous authorized aggregate principal amount before the amendment is unspecified in the provided text.
The effective date of July 1, 3000, appears to be a placeholder or error and should likely be corrected.

SD1

Hawaii published version SD1

Plain English: This amendment increases the Hula Mae Multifamily Revenue Bond authorization ceiling to $4 billion, clarifies that refunding bonds do not count against the bond limit, and requires a report on affordable housing production from the Hawaii Housing Finance and Development Corporation.

Increases the Hula Mae Multifamily Revenue Bond authorization ceiling amount to $4 billion.
Clarifies that revenue bonds treated as refunding bonds under federal tax law do not count against the bond limit.
Requires the Hawaii Housing Finance and Development Corporation to submit a report on affordable housing production by June 2027.

The effective date of July 1, 3000 is likely an error or placeholder and should be clarified in further legislative action.

Bill History

2026-03-30 S
Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
2026-03-30 S
Reported from HOU (Stand. Com. Rep. No. 3207) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
2026-03-17 S
The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 4 Aye(s): Senator(s) Chang, Hashimoto, Elefante, Rhoads; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Fevella.
2026-03-12 S
The committee(s) on HOU has scheduled a public hearing on 03-17-26 1:05PM; Conference Room 225 & Videoconference.
2026-03-12 S
Referred to HOU, WAM.
2026-03-12 S
Passed First Reading.
2026-03-12 S
Received from House (Hse. Com. No. 275).
2026-03-10 H
Passed Third Reading as amended in HD 2 with none voting aye with reservations; none voting no (0) and Representative(s) Kong, Pierick excused (2). Transmitted to Senate.
2026-03-06 H
Forty-eight (48) hours notice Tuesday, 03-10-26.
2026-03-06 H
Reported from FIN (Stand. Com. Rep. No. 1093-26) as amended in HD 2, recommending passage on Third Reading.
2026-03-03 H
The committee on FIN recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 16 Ayes: Representative(s) Todd, Takenouchi, Hartsfield, Hussey, Keohokapu-Lee Loy, Kitagawa, Kusch, Lee, M., Miyake, Morikawa, Perruso, Templo, Yamashita, Alcos, Gedeon, Reyes Oda; Ayes with reservations: none; 0 Noes: none; and 0 Excused: none.
2026-02-27 H
Bill scheduled to be heard by FIN on Tuesday, 03-03-26 10:00AM in House conference room 308 VIA VIDEOCONFERENCE.
2026-02-19 H
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and none excused (0).
2026-02-19 H
Reported from HSG (Stand. Com. Rep. No. 564-26) as amended in HD 1, recommending passage on Second Reading and referral to FIN.
2026-02-11 H
The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 9 Ayes: Representative(s) Evslin, Miyake, Cochran, Grandinetti, Kila, Kitagawa, La Chica, Muraoka, Pierick; Ayes with reservations: none; Noes: none; and Excused: none.
2026-02-06 H
Bill scheduled to be heard by HSG on Wednesday, 02-11-26 9:00AM in House conference room 430 VIA VIDEOCONFERENCE.
2026-01-26 H
Referred to HSG, FIN, referral sheet 1
2026-01-21 H
Introduced and Pass First Reading.
2026-01-20 H
Prefiled.

Official Summary Text

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.
HHFDC; Affordable Rental Housing; Hula Mae Multifamily Revenue Bond Authorization; Housing Loan and Mortgage Program; Report
Increases the Hula Mae Multifamily Revenue Bond authorization ceiling amount to continue financing affordable rental housing statewide. Clarifies that revenue bonds treated as refunding bonds do not count against the authorized aggregate principal amount of the bond. Requires the Hawaii Housing Finance and Development Corporation to submit a report to the Legislature. Effective 7/1/3000. (SD1)

Current Bill Text

Read the full stored bill text

HB1733

HOUSE OF REPRESENTATIVES

H.B. NO.

1733

THIRTY-THIRD LEGISLATURE, 2026

STATE OF HAWAII

A BILL FOR AN ACT

relating
to the housing loan and mortgage program
.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

����
SECTION 1.
�
The legislature finds that the affordable
housing crisis continues to be one of the State's most significant and
challenging social problems and is a critical issue for many Hawaii residents.
�
As the cost of housing increases, the State
must continue to assist residents in obtaining affordable rental housing.

����
The
purpose of this Act is to provide that assistance by increasing the Hula Mae
multifamily revenue bond authorization.

����
SECTION
2.
�
Act 291, Session Laws of Hawaii 1980,
as amended by Act 304, Session Laws of Hawaii 1996, as amended by Act 185,
Session Laws of Hawaii 2004, as amended by Acts 231 and 249, Session Laws of
Hawaii 2007, as amended by Act 121, Session Laws of Hawaii 2008, as amended by
Act 138, Session Laws of Hawaii 2012, as amended by Act 162, Session Laws of
Hawaii 2014, as amended by Act 175, Session Laws of Hawaii 2017, as amended by
Act 42, Session Laws of Hawaii 2020, is amended by amending section 11 to read
as follows:

����
"SECTION
11.
�
Issuance of revenue bond, amount
authorized.
�
Revenue bonds may be
issued by the Hawaii housing finance and development corporation pursuant to
part III of chapter 39 and subpart A of part III of chapter 201H, Hawaii
Revised Statutes, in an aggregate principal amount not to exceed [
$3,000,000,000
]

$5,000,000,000
at the times and in the amounts as the Hawaii housing
finance and development corporation deems advisable for the purpose of
undertaking and maintaining any of the housing loan programs under subpart A of
part III of chapter 201H, Hawaii Revised Statutes, relating to the funding or
purchasing of eligible project loans.
�
Revenue
bonds treated as refunding bonds under the Internal Revenue Code of 1986, as
amended (or successor thereto), shall not count against the $5,000,000,000 Hula
Mae multifamily revenue bond authorization.
"

����
SECTION 3.
�

Statutory material to be repealed is bracketed and stricken.
�
New statutory material is underscored.

����
SECTION 4.
�

This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________

Report Title:

Affordable
Rental Housing; Housing Loan and Mortgage Program

Description:

Increases
the Hula Mae Multifamily Revenue Bond authorization ceiling amount to continue
financing affordable rental housing statewide.

The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.