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Bill Summary · SB 1328

Summary of SB 1328: Relating to the Dwelling Unit Revolving Fund

Purpose and Intent

Senate Bill 1328 (SB 1328) aims to enhance the Dwelling Unit Revolving Fund (DURF) and establish the Dwelling Unit Revolving Fund Equity Program. The primary intent of the bill is to improve access to affordable housing in Hawaii by providing interim financing options for developers and organizations involved in the construction and rehabilitation of dwelling units.

Key Provisions

  • Dwelling Unit Revolving Fund (DURF): The bill seeks to bolster the existing DURF, which is designed to finance the development of affordable housing units across the state.
  • Equity Program: Establishes a new program under the DURF that focuses on equity financing, allowing for more flexible funding options for housing projects.
  • Interim Financing: The bill proposes mechanisms for interim financing, which would enable developers to secure short-term funding while awaiting long-term financing solutions.

Affected Parties

  • Developers: The bill is expected to benefit private and non-profit developers engaged in the construction of affordable housing.
  • Hawaii Housing Finance and Development Corporation (HHFDC): The HHFDC will play a crucial role in administering the DURF and the new equity program, impacting its operational framework.
  • Residents: Ultimately, the bill aims to increase the availability of affordable housing units for residents of Hawaii, addressing the ongoing housing crisis.

Procedural Aspects

  • Introduced: SB 1328 was introduced on January 21, 2025, and passed its First Reading on January 23, 2025.
  • Referred Committees: The bill has been referred to the House Committees on Housing (HOU) and Ways and Means (WAM) for further consideration as of January 27, 2025.
  • Companion Bill: The bill has a companion in the House, designated as HB 1009, which may facilitate discussions and potential amendments.

Conclusion

SB 1328 represents a legislative effort to address Hawaii's affordable housing challenges by enhancing funding mechanisms for housing development. By establishing the Dwelling Unit Revolving Fund Equity Program and improving interim financing options, the bill aims to create a more robust framework for supporting affordable housing initiatives in the state. The ongoing legislative process will determine the final provisions and impact of this bill.

Compiled from official sources — confirm details with the bill’s official record.

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