Question 2: RISE bonds for housing infrastructureRISE bonds: counties borrow for housing infrastructure, repaid from new property tax growth
Read the full text of the measure: Office of Elections 2026 General Election Voter Guide (PDF)
In plain words
New homes need pipes, roads and drainage first. Counties now pay for those mostly with general borrowing, which has a cap. This amendment lets counties draw a district, freeze the property tax the area brings in today, and use only the growth above that to pay back RISE bonds ("resilient infrastructure for shelter and equity" bonds). This is often called "tax increment financing." Property tax rates would not go up to repay them. The state attorney general said the constitution has to change first. (elections.hawaii.gov )
Before and after
| Question | Today | If it passes |
|---|---|---|
| Can counties sell RISE bonds? | No; the constitution does not clearly allow them | Yes, once the Legislature passes a law setting the rules |
| How the bonds are paid back | Does not apply | Only from property tax growth inside the district, above a starting level |
| Count against the county debt limit (15% of taxed property value)? | Does not apply | No |
| Property tax rates raised to repay them? | Does not apply | No; the ballot question says repayment is "not by increasing real property tax rates" |
Numbers from the official ballot title (ballot title ); also see (data.capitol.hawaii.gov )
Biggest change
- Adds "resilient infrastructure for shelter and equity bonds" to the kinds of county borrowing the constitution allows, and directs the Legislature to authorize them by law. source: data.capitol.hawaii.gov
- Leaves these bonds out of the county debt limit. source: data.capitol.hawaii.gov
- The bonds are repaid only from property tax on the growth in taxed value inside the district, above the level before the project began. source: data.capitol.hawaii.gov
Who it affects most: People in areas picked for new housing, such as along Honolulu's Skyline rail line (Iwilei-Kapalama and the Aloha Stadium area), plus builders and county budgets.
Cost to the state: Unknown. No official cost estimate was published. A 2023 state-commissioned report put infrastructure for about 27,500 homes in Iwilei-Kapalama at about $670 million.
Our plain-words summary. Every line points to its source.
What your vote means
Counties could, once the Legislature sets rules, borrow for housing infrastructure and repay it only from new property tax growth in a set district, outside their debt limit.
Counties could not issue RISE bonds; infrastructure would still be paid for with existing kinds of borrowing under the debt limit.
Our one-line summary. Hawaii does not publish an official "what your vote means" statement; the ballot title above is the official description.
Why people want it, and why others object
Why this is on the ballot
The Legislature put this on the ballot. It changes the state constitution, so only another statewide vote can change it back. It passes with more yes votes than no votes, and yes votes equal to at least half of all ballots cast (a blank vote on it works like a no).
- The state attorney general said the constitution does not clearly allow these bonds, so it must be amended first. source: civilbeat.org
- Hawaii and Arizona are the only states that do not allow this kind of financing, according to the Hawaii Institute for Public Affairs. source: hawaiipublicradio.org
- The bill passed both the House and Senate with no votes against. Lawmakers approved it on May 6, 2026. source: hawaiipublicradio.org
- A similar idea was backed by then-Honolulu Mayor Mufi Hannemann in 2010 and opposed in 2012 by then-Mayor Peter Carlisle's administration. source: civilbeat.org
Why supporters want it
- Rep. Luke Evslin (D-Lihue), chair of the House Housing Committee: "this is one of the few, if maybe only ways, we can build out that infrastructure without raising taxes." source: hawaiipublicradio.org
- Kauai County Mayor Derek Kawakami called RISE bonds a "powerful, self-financing tool to build the infrastructure that housing production requires." source: civilbeat.org
- Honolulu City Council member Tyler Dos Santos-Tam, whose district includes Iwilei: "We don't want Iwilei to be luxury towers." source: hawaiipublicradio.org
Why opponents object
- The Tax Foundation of Hawaii testified against it, arguing it is not needed because state law already allows tax increment financing. source: civilbeat.org
- The Hawaii Institute for Public Affairs (which did not take a side in the reporting) warned the biggest risk is that a district's tax revenue does not grow, and failed projects could hurt a county's credit rating. Honolulu budget director Andy Kawano supports the tool but says counties need guardrails. source: hawaiipublicradio.org
Who backs each side
- For: RISE Together Hawaii, a political action committee tied to the construction industry, which had raised nearly $2 million, backed by unionized carpenters and Hawaii real estate agents, and is running TV ads. Also the state Office of Planning and Sustainable Development, counties and developers. Against: the Tax Foundation of Hawaii (testimony). No opposing campaign committee found. source: hawaiipublicradio.org
In each side's own words where we could find them, quoted or summarized with a link to the source. We don't endorse either side.
What you will see on your ballot
Official ballot wording, word for word (tap to open)
The official ballot title, word for word from the Office of Elections' official voter guide .
Shall the Hawaii State Constitution be amended to direct the legislature to authorize the counties to issue resilient infrastructure for shelter and equity bonds to fund public improvements in designated districts, repaid solely by future growth in property tax revenues within those districts, not by increasing real property tax rates, where such bonds are excluded from the counties’ debt limit and are subject to accountability and oversight requirements as may be provided by law?
YES
NO
Wording copied word for word from the Hawaii Office of Elections 2026 Voter Guide (statements provided by the Attorney General), page 74, and checked against the PDF on Oct. 16, 2026. Your ballot is the final word.
Latest news
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Full text of the measure
The change is to Article VII, Sections 12 and 13 of the Hawaii Constitution (borrowing and debt limits). Read it in the Office of Elections 2026 General Election Voter Guide (PDF) , or on the Legislature's page for Senate Bill 3219, HD3 CD1 (2026) , which also shows the votes in each chamber.
Read more
- Office of Elections: 2026 proposed amendments to the Hawaii State Constitution
- Office of Elections: 2026 proposed constitutional amendments
- Hawaii Public Radio: ballot question could help housing shortage, supporters say
- Civil Beat: should counties pay for infrastructure along the rail?
We link to analysis from several sources; we don't endorse it.