HB 529: HHFDC; Bond Volume Cap Recycling Program; Line of Credit
- Session Year: 2025-2026
- House: House
- Latest Version Date: 2025-04-24
Current Status:
In Progress
(2025-07-01: Act 253, on 07/01/2025 (Gov. Msg. No. 1356).)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Final Decking
Enacted
What does this bill do?
Allows the Hawaii Housing Finance and Development Corporation (HHFDC) to use revenue bonds to get a line of credit or other borrowing for the state’s bond volume cap recycling program. It permits HHFDC to borrow up to $300 million in the 2025–2027 biennium to meet federal tax rules that let the state reuse tax‑exempt bond authority.
The summary is provided by generative AI which can make mistakes. For original language, please view the details in the table below.
Authorizes the Hawaii Housing Finance and Development Corporation to utilize revenue bonds when obtaining a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program. (CD1)
Authorizes the Hawaii Housing Finance and Development Corporation to secure revenue bonds as a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program. Takes effect 7/1/2050. (SD1)
Authorizes the Hawaii Housing Finance and Development Corporation to secure revenue bonds as a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program. Effective 7/1/3000. (HD1)
Authorizes the Hawaii Housing Finance and Development Corporation to secure a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
529 |
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THIRTY-THIRD LEGISLATURE, 2025 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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C.D. 1 |
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A BILL FOR AN ACT
RELATING TO STATE FINANCES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 2. This Act shall take effect upon its approval.
Report Title:
HHFDC; Bond Volume Cap Recycling Program; Line of Credit
Description:
Authorizes the Hawaii Housing Finance and Development Corporation to utilize revenue bonds when obtaining a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program. (CD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
529 |
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THIRTY-THIRD LEGISLATURE, 2025 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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A BILL FOR AN ACT
RELATING TO STATE FINANCES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 2. This Act shall take effect on July 1, 2050.
Report Title:
HHFDC; Bond Volume Cap Recycling Program; Line of Credit
Description:
Authorizes the Hawaii Housing Finance and Development Corporation to secure revenue bonds as a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program. Takes effect 7/1/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
529 |
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THIRTY-THIRD LEGISLATURE, 2025 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO STATE FINANCES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 2. This Act shall take effect on July 1, 3000.
Report Title:
HHFDC; Bond Volume Cap Recycling Program; Line of Credit
Description:
Authorizes the Hawaii Housing Finance and Development Corporation to secure revenue bonds as a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program. Effective 7/1/3000. (HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
529 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO STATE FINANCES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 2. This Act shall take effect on July 1, 2025.
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INTRODUCED BY: |
_____________________________ |
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Report Title:
HHFDC; Bond Volume Cap Recycling Program; Line of Credit
Description:
Authorizes the Hawaii Housing Finance and Development Corporation to secure a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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Date
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Status
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| Jul 1, 2025 | Act 253, on 07/01/2025 (Gov. Msg. No. 1356). |
| Jul 1, 2025 | Act 253, 07/01/2025 (Gov. Msg. No. 1356). |
| May 1, 2025 | Transmitted to Governor. |
| May 2, 2025 | Received notice of passage on Final Reading in House (Hse. Com. No. 821). |
| May 1, 2025 | Received notice of Final Reading (Sen. Com. No. 888). |
| Apr 30, 2025 | Passed Final Reading as amended in CD 1 with none voting aye with reservations; none voting no (0) and Representative(s) Cochran excused (1). |
| Apr 30, 2025 | Passed Final Reading, as amended (CD 1). Ayes, 25; Aye(s) with reservations: none . 0 No(es): none. 0 Excused: none. |
| Apr 24, 2025 | 48 Hrs. Notice (as amended CD 1) 04-30-25 |
| Apr 24, 2025 | Reported from Conference Committee as amended CD 1 (Conf. Com. Rep. No. 42). |
| Apr 24, 2025 | Forty-eight (48) hours notice Wednesday, 04-30-25. |
| Apr 24, 2025 | Reported from Conference Committee (Conf Com. Rep. No. 42) as amended in (CD 1). |
| Apr 23, 2025 | The Conference committee recommends that the measure be PASSED, WITH AMENDMENTS. The votes of the Senate Conference Managers were as follows: 4 Aye(s): Senator(s) Chang, Hashimoto, Kanuha, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none. |
| Apr 23, 2025 | The Conference Committee recommends that the measure be Passed, with Amendments. The votes were as follows: 2 Ayes: Representative(s) Evslin, Miyake; Ayes with reservations: none; 0 Noes: none; and 1 Excused: Representative(s) Pierick. |
| Apr 22, 2025 | Conference committee meeting to reconvene on 04-23-25 10:30AM; Conference Room 224. |
| Apr 21, 2025 | Conference committee meeting scheduled for 04-22-25 10:25AM; Conference Room 224. |
| Apr 17, 2025 | Received notice of Senate conferees (Sen. Com. No. 828). |
| Apr 17, 2025 | Senate Conferees Appointed: Chang Chair; Hashimoto Co-Chair; Kanuha, Fevella. |
| Apr 21, 2025 | Received notice of appointment of House conferees (Hse. Com. No. 755). |
| Apr 17, 2025 | House Conferees Appointed: Evslin, Miyake Co-Chairs; Pierick. |
| Apr 8, 2025 | Received notice of disagreement (Hse. Com. No. 559). |
| Apr 4, 2025 | House disagrees with Senate amendment (s). |
| Apr 3, 2025 | Returned from Senate (Sen. Com. No. 544) in amended form (SD 1). |
| Apr 3, 2025 | Report Adopted; Passed Third Reading. Ayes, 25; Aye(s) with reservations: none. Noes, 0 (none). Excused, 0 (none). Transmitted to House. |
| Apr 2, 2025 | One Day Notice 04-03-25. |
| Apr 2, 2025 | Reported from WAM (Stand. Com. Rep. No. 1517) with recommendation of passage on Third Reading. |
| Mar 28, 2025 | The committee(s) on WAM recommend(s) that the measure be PASSED, UNAMENDED. The votes in WAM were as follows: 12 Aye(s): Senator(s) Dela Cruz, Moriwaki, Aquino, DeCoite, Elefante, Hashimoto, Inouye, Kanuha, Kidani, Kim, Wakai, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Lee, C.. |
| Mar 25, 2025 | The committee(s) on WAM will hold a public decision making on 03-28-25 10:02AM; Conference Room 211 & Videoconference. |
| Mar 17, 2025 | Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. |
| Mar 17, 2025 | Reported from HOU (Stand. Com. Rep. No. 1095) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM. |
| Mar 11, 2025 | The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in HOU were as follows: 3 Aye(s): Senator(s) Chang, Hashimoto, Kanuha; Aye(s) with reservations: none ; 0 No(es): none; and 2 Excused: Senator(s) Aquino, Fevella. |
| Mar 7, 2025 | The committee(s) on HOU has scheduled a public hearing on 03-11-25 1:10PM; Conference Room 225 & Videoconference. |
| Mar 4, 2025 | Referred to HOU, WAM. |
| Feb 28, 2025 | Passed First Reading. |
| Feb 28, 2025 | Received from House (Hse. Com. No. 21). |
| Feb 27, 2025 | Passed Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Pierick, Templo, Ward excused (4). Transmitted to Senate. |
| Feb 27, 2025 | Reported from FIN (Stand. Com. Rep. No. 860), recommending passage on Third Reading. |
| Feb 19, 2025 | The committee on FIN recommend that the measure be PASSED, UNAMENDED. The votes were as follows: 12 Ayes: Representative(s) Yamashita, Takenouchi, Holt, Hussey, Kitagawa, Kusch, Lamosao, Lee, M., Miyake, Morikawa, Templo, Reyes Oda; Ayes with reservations: none; Noes: none; and 4 Excused: Representative(s) Grandinetti, Keohokapu-Lee Loy, Alcos, Ward. |
| Feb 14, 2025 | Bill scheduled to be heard by FIN on Wednesday, 02-19-25 2:00PM in House conference room 308 VIA VIDEOCONFERENCE. |
| Feb 12, 2025 | 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 Representative(s) Cochran, Sayama, Ward excused (3). |
| Feb 12, 2025 | Reported from HSG (Stand. Com. Rep. No. 486) as amended in HD 1, recommending passage on Second Reading and referral to FIN. |
| Feb 7, 2025 | The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 7 Ayes: Representative(s) Evslin, Miyake, Grandinetti, Kitagawa, La Chica, Muraoka, Pierick; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Cochran, Kila. |
| Feb 4, 2025 | Bill scheduled to be heard by HSG on Friday, 02-07-25 9:00AM in House conference room 430 VIA VIDEOCONFERENCE. |
| Jan 21, 2025 | Referred to HSG, FIN, referral sheet 2 |
| Jan 21, 2025 | Introduced and Pass First Reading. |
| Jan 17, 2025 | Pending introduction. |
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Date
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Description
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Location
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Votes
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| Apr 30, 2025 | Final Reading | House Floor |
Passed |
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| Apr 30, 2025 | Final Reading | Senate Floor |
Passed |
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| Apr 3, 2025 | Third Reading | Senate Floor |
Passed |
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| Mar 28, 2025 | The committee(s) on WAM recommend(s) that the measure be PASSED, UNAMENDED | Senate Standing Committee on Ways and Means |
Passed |
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| Mar 11, 2025 | The committee(s) on HOU recommend(s) that the measure be PASSED, WITH AMENDMENTS | Senate Standing Committee on Housing |
Passed |
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| Feb 27, 2025 | Third Reading | House Floor |
Passed |
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| Feb 19, 2025 | The committee on FIN recommend that the measure be PASSED, UNAMENDED | House Standing Committee on Finance |
Passed |
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| Feb 7, 2025 | The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS | House Standing Committee on Housing |
Passed |
This list shows positions taken on this bill by organizations on the date displayed, which is linked to the original source.
Positions by individuals are not included.
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Organization
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Position
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Date
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| Department of Business, Economic Development and Tourism | *** Support | Feb 19, 2025 |
| Hawaii Housing Finance | ** Support | |
| Hawaii Housing Finance and Development Corporation | *** Support | Mar 27, 2025 |
CONFERENCE COMMITTEE REP. NO. 42
Honolulu, Hawaii
, 2025
RE: H.B. No. 529
H.D. 1
S.D. 1
C.D. 1
Honorable Nadine K. Nakamura
Speaker, House of Representatives
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Honorable Ronald D. Kouchi
President of the Senate
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Madam and Sir:
Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 529, H.D. 1, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO STATE FINANCES,"
having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.
The purpose of this measure is to authorize the Hawaii Housing Finance and Development Corporation to secure revenue bonds as a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program.
Your Committee on Conference has amended this measure by:
(1) Clarifying that the Hawaii Housing Finance and Development Corporation may utilize revenue bonds when obtaining a line of credit or other instrument of indebtedness;
(2) Inserting a bond cap amount of $300,000,000 for fiscal biennium 2025-2027; and
(3) Changing the effective date to upon approval.
As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 529, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 529, H.D. 1, S.D. 1, C.D. 1.
Respectfully submitted on behalf of the managers:
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ON THE PART OF THE SENATE |
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ON THE PART OF THE HOUSE |
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____________________________ STANLEY CHANG Chair |
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____________________________ LUKE A. EVSLIN Co-Chair |
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____________________________ TROY N. HASHIMOTO Co-Chair |
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____________________________ TYSON K. MIYAKE Co-Chair |
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STAND. COM. REP. NO. 1517
Honolulu, Hawaii
RE: H.B. No. 529
H.D. 1
S.D. 1
Honorable Ronald D. Kouchi
President of the Senate
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred H.B. No. 529, H.D. 1, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO STATE FINANCES,"
begs leave to report as follows:
The purpose and intent of this measure is to authorize the Hawaii Housing Finance and Development Corporation to secure revenue bonds as a line of credit to meet the federal tax law requirements for the Bond Volume Cap Recycling Program.
Your Committee received written comments in support of this measure from the Hawaii Housing Finance and Development Corporation.
Your Committee finds that the Hawaii Housing Finance and Development Corporation requires a line of credit for private activity bond recycling to provide liquidity and to ensure that funds are readily available to pay off existing bonds as those bonds mature or are redeemed. Your Committee also finds that the line of credit will:
(1) Allow the Corporation to retire existing revenue bonds while waiting for new bonds to be issued or for cash flows from the underlying projects to become available; and
(2) Act as a financial bridge, maintaining continuity in funding and avoiding disruptions in the financing structure, which is critical for compliance with applicable federal taxation law.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 529, H.D. 1, S.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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________________________________ DONOVAN M. DELA CRUZ, Chair |
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STAND. COM. REP. NO. 1095
Honolulu, Hawaii
RE: H.B. No. 529
H.D. 1
S.D. 1
Honorable Ronald D. Kouchi
President of the Senate
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Sir:
Your Committee on Housing, to which was referred H.B. No. 529, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO STATE FINANCES,"
begs leave to report as follows:
The purpose and intent of this measure is to authorize the Hawaii Housing Finance and Development Corporation to secure revenue bonds as a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program.
Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation.
Your Committee finds that the Hawaii Housing Finance and Development Corporation (HHFDC) has statutory authorization to establish a Bond Volume Cap Recycling program for the purpose of building eligible housing developments pursuant to section 142(d) of the Internal Revenue Code of 1986, as amended. As a condition for bond recycling, HHFDC is required to acquire a line of credit for private activity bond recycling to ensure funds are readily available to pay off existing bonds at maturity or redemption. Therefore, this measure ensures continuity of HHFDC's financing structure and compliance with section 145 of the Internal Revenue Code.
Your Committee has amended this measure by inserting an effective date of July 1, 2050, to encourage further discussion.
As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 529, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 529, H.D. 1, S.D. 1, and be referred to your Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Housing,
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________________________________ STANLEY CHANG, Chair |
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STAND. COM. REP. NO. 860
Honolulu, Hawaii
, 2025
RE: H.B. No. 529
H.D. 1
Honorable Nadine K. Nakamura
Speaker, House of Representatives
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Madame:
Your Committee on Finance, to which was referred H.B. No. 529, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO STATE FINANCES,"
begs leave to report as follows:
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 529, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ KYLE T. YAMASHITA, Chair |
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STAND. COM. REP. NO. 486
Honolulu, Hawaii
, 2025
RE: H.B. No. 529
H.D. 1
Honorable Nadine K. Nakamura
Speaker, House of Representatives
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Madame:
Your Committee on Housing, to which was referred H.B. No. 529 entitled:
"A BILL FOR AN ACT RELATING TO STATE FINANCES,"
begs leave to report as follows:
Your Committee finds that a line of credit is needed for private activity bond recycling to provide liquidity and ensure that funds are readily available to pay off existing bonds as they mature or are redeemed. The line of credit acts as a financial bridge, maintaining continuity in funding and avoiding disruptions in the financing structure, which is critical for compliance with federal law for qualified bonds. This measure will allow the Hawaii Housing Finance and Development Corporation to retire old bonds while waiting for new bonds to be issued or for class flows from the underlying projects to become available.
Your Committee has amended this measure by:
(1) Clarifying that the Hawaii Housing Finance and Development Corporation may secure revenue bonds as a line of credit or other instrument of indebtedness for the Bond Volume Cap Recycling Program;
(2) Changing the line of credit or other instrument of indebtedness amount to an unspecified amount; and
(3) Changing the effective date to July 1, 3000, to encourage further discussion.
Your Committee respectfully requests your Committee on Finance, should it deliberate on this measure, to consider a line of credit or other instrument of indebtedness amount of $300,000,000.
As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 529, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 529, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Housing,
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____________________________ LUKE A. EVSLIN, Chair |
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Date
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Testimony PDF
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| Mar 27, 2025 | HB529_SD1_TESTIMONY_WAM_03-28-25_.PDF |
| Mar 11, 2025 | HB529_HD1_TESTIMONY_HOU_03-11-25_.PDF |
| Feb 19, 2025 | HB529_HD1_TESTIMONY_FIN_02-19-25_.PDF |
| Feb 7, 2025 | HB529_TESTIMONY_HSG_02-07-25_.PDF |
Discussed in Hearing
5SEC
Conference Committee
2MIN
Conference Committee
23SEC
Senate Floor
22SEC
Senate Standing Committee on Hawaiian Affairs
22SEC
Senate Standing Committee on Housing
22SEC
Senate Standing Committee on Public Safety and Military Affairs
26SEC
House Standing Committee on Finance
27SEC
House Standing Committee on Housing
Bill Author
Bill Co-Author(s):
