SB 1601 SD2

Establishes within the Hawaii Green Infrastructure Authority the Condominium Loan Program to provide qualified condominium associations with low-cost financing or refinancing on previously obtained loans for maintenance or repair projects. Limits loan terms to 20 years and prohibits any new loans after 6/30/2047. Establishes the Condominium Loan Loss Reserves Program to incentivize community development financial institutions into providing loans at competitive rates and terms to condominium associations for the purpose of allowing condominium associations to make necessary maintenance or repairs. Requires annual reports to the Legislature. Appropriates funds into and out of the Condominium Loan Revolving Fund. Effective 7/1/2050. Repeals 06/30/2047. (SD2)