HOUSE OF REPRESENTATIVES	H.B. NO.	1513
THIRTY-THIRD LEGISLATURE, 2026
STATE OF HAWAII

A BILL FOR AN ACT

relating to condominiums.

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

SECTION 1. The legislature finds that Act 296, Session Laws of Hawaii 2025 (Act 296), established the condominium loan program to provide qualified condominium associations with low-cost financing, or refinancing for loans previously obtained, for maintenance or repair projects. Act 296 further authorized the issuance of $20,000,000 in general obligation bonds to capitalize the condominium loan program.

The legislature further finds that additional capital is necessary to meet the demands of the condominium loan program.

The purpose of this Act is to provide further funding for the condominium loan program.

SECTION 2. The director of finance is authorized to issue reimbursable general obligation bonds in the sum of $100,000,000 or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2026-2027 for deposit into the condominium loan revolving fund.

SECTION 3. There is appropriated out of the condominium loan revolving fund the sum of $100,000,000 or so much thereof as may be necessary for fiscal year 2026-2027 to implement the condominium loan program.

The sum appropriated shall be expended by the Hawaii green infrastructure authority, on behalf of the department of business, economic development, and tourism, to carry out the purposes of this Act; provided that the director of business, economic development, and tourism, upon the director's determination that it is advisable to transfer funds from the condominium loan revolving fund, shall reimburse the general fund from principal and interest payments collected on loans issued by the authority, and any other funds available to the authority, for payment of debt service on reimbursable general obligation bonds authorized and issued under section 2 of this Act.

SECTION 4. There is appropriated out of the hurricane reserve trust fund the sum of $           or so much thereof as may be necessary for fiscal year 2026-2027 for deposit into the condominium loan revolving fund.

The sum appropriated shall be expended by the Hawaii green infrastructure authority, on behalf of the director of business, economic development, and tourism, for payment of debt service on reimbursable general obligation bonds authorized and issued under section 2 of this Act.

SECTION 5. This Act shall take effect on July 1, 2026.

INTRODUCED BY:

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Report Title:

Condominiums; Property Insurance; Condominium Loan Program; Reimbursable General Obligation Bonds; Appropriation

Description:

Authorizes the issuance of reimbursable general obligation bonds to provide the necessary funds for the Condominium Loan Program. Appropriates funds from the Hurricane Reserve Trust Fund to provide initial coverage of the bond payments.

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