HOUSE BILLS RELATED TO FINANCIAL RELIEF FOR RESIDENTIAL PROPERTIES UP FOR DISCUSSION
News Release from House of Representatives, Feb 7, 2024
Honolulu, Hawaiʻi – On Thursday, February 8, the House Committee on Consumer Protection and Commerce will take up three measures aimed at reducing the financial burden for Hawaiʻi's residents. Speaker Scott K. Saiki (D-25, Ala Moana, Kaka‘ako, Downtown) introduced the legislation after working closely with stakeholders to identify critical issues affecting property owners and tenants.
"We are looking at ways to increase accessibility to solar energy systems, which in turn will reduce energy costs for residents. Additionally, with the escalating costs of property insurance impacting the maintenance fees of condominiums, our goal is to stabilize the market and explore financing alternatives to offer relief to homeowners and tenants," said Speaker Scott K. Saiki.
WHO: House Committee on Consumer Protection & Commerce
WHAT: Bills related to Financial Relief for Residential Properties
· House Bill 2685 – Relating to Energy
Establishes the solar hui program to allow multi-family residential property owners to invest into a solar hui investment fund to provide loans to low- and moderate-income households to install solar energy systems. Establishes the solar hui program fund manager position. Appropriates funds.
· House Bill 2686 – Relating to the Stabilization of Property Insurance
Amends the laws relating to the Hawaiʻi Hurricane Relief Fund and Hawaiʻi Property Insurance Association. Expands the Hawaiʻi Property Insurance Association's authority to include the issuance of property insurance other than fire insurance for certain real properties organized as a condominium. Reinstates the special mortgage recording fee. Explicitly authorizes the Hawaiʻi Property Insurance Association to issue property insurance policies to certain condominiums outside of area designated for coverage by the Hawaiʻi Property Insurance Association. Mandates that the Hawaiʻi Property Insurance Association member insurers recoup assessment costs. Amends specific coverage limits, fund capitalization amounts, and assessment percentages by deleting specified dollar amounts percentages and authorizes the Hawaiʻi Hurricane Relief Fund and the Hawaiʻi Property Insurance Association boards to recommend appropriate amounts and percentages to the Insurance Commissioner.
· House Bill 2801 – Relating to Commercial Property Assessed Financing
Allows condominiums to be eligible for commercial property assessed financing.
WHEN: Thursday, February 8, 2024, 2:00 p.m.
WHERE: Conference Room 329
Click here to review the hearing notice.
Click here for the live stream of this meeting via YouTube.