SB2553 • 2026

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: HASHIMOTO, CHANG, RHOADS
Last action: 2026-02-19
Official status: Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.

What This Bill Does

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.
HHFDC; Affordable Rental Housing; Housing Loan and Mortgage Program; Report Increases the Hula Mae Multifamily Revenue Bond authorization ceiling amount to continue financing affordable rental housing statewide.
Requires the Hawaii Housing Finance and Development Corporation to report to the Legislature on its plan to meet statewide housing demand at the sixty to one hundred forty per cent area median income levels.
Effective 7/1/2050.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

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SD1

Hawaii published version SD1

Plain English: SB2553 SD1 THE SENATE S.B.

SB2553 SD1 THE SENATE S.B.
NO.
2553 THIRTY-THIRD LEGISLATURE, 2026 S.D.
1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM .

Bill History

2026-02-19 S
Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
2026-02-19 S
Reported from HOU (Stand. Com. Rep. No. 2403) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
2026-02-10 S
The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 5 Aye(s): Senator(s) Chang, Hashimoto, Elefante, Rhoads, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.
2026-02-05 S
The committee(s) on HOU deferred the measure until 02-10-26 1:00PM; Conference Room 225 & Videoconference.
2026-02-02 S
The committee(s) on HOU has scheduled a public hearing on 02-05-26 1:01PM; Conference Room 225 & Videoconference.
2026-01-28 S
Referred to HOU, WAM.
2026-01-23 S
Passed First Reading.
2026-01-23 S
Introduced.

Official Summary Text

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.
HHFDC; Affordable Rental Housing; Housing Loan and Mortgage Program; Report
Increases the Hula Mae Multifamily Revenue Bond authorization ceiling amount to continue financing affordable rental housing statewide. Requires the Hawaii Housing Finance and Development Corporation to report to the Legislature on its plan to meet statewide housing demand at the sixty to one hundred forty per cent area median income levels. Effective 7/1/2050. (SD1)

Current Bill Text

Read the full stored bill text

SB2553

THE SENATE

S.B. NO.

2553

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.