Hawaii

Hawaii Governor Josh Green (D) signed ten bills that will expand access to affordable housing and provide much-needed assistance to families and individuals who might be at risk of becoming homeless:

The Michaels Organization announced that it held a groundbreaking and blessing ceremony for Halewai`olu Senior Residences in downtown Honolulu in partnership with the City and County of Honolulu and the State of Hawaii. Scheduled for completion in 2023, the 17-story mid-rise development on a 26,925-square-foot parcel owned by the City and County of Honolulu, will provide 156 one- and two-bedroom affordable rental units for seniors. 

HUD’s Multifamily West Region is extending the audited financial reporting deadlines until September 30, 2020. This waiver is limited to entities, which are required to submit the referenced annual financial information on or before June 30, 2020.

The Hawaii Housing Finance and Development Corporation (HHFDC) Board named Denise Iseri-Matsubara executive director effective July 1. She has served as interim executive director since January.

A bipartisan group of four Senators recently introduced a bill that would require that ten percent of the annual New Markets Tax Credit (NMTC) allocation be made to community development entities (CDEs) for investment in developments in Indian and Native lands

HUD awarded nearly $1.5 billion to support seven states in their recovery from 2018 disasters, including Hurricane Michael, Hurricane Florence and wildfires in California.

HUD’s Office of Multifamily West Region issued a memo that nullifies the requirement to review the status of residents reporting zero or nominal (less than $100.00) income every 90 days.

Eight areas were revised due to new survey data.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2013-35 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2014.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

Last week, the Hawaii State Legislature introduced two bills that would expand methods for delivering funding to a community development entity (CDE) by allowing guarantees and credit enhancements.

In February 2011, the Hawaii State Legislature passed S.B. No. 1240 which created a mechanism to provide alternative financing assistance to incentivize the use of the State’s low-income housing tax credit program.