Part II: Establishes a Working Group to revise the Hawaii Housing Finance and Development Corporation's Qualified Allocation Plan and propose revisions to the prioritization of the Rental Housing Revolving Fund and the terms of loans made from the Rental Housing Revolving Fund. Requires a report to the Legislature. Appropriates funds. Part III: Requires the HHFDC to make certain revisions to the 2026 Qualified Allocation Plan. Part IV: Prohibits the HHFDC from allocating Low-Income Housing Tax Credits or moneys from the Rental Housing Revolving Fund to projects without a perpetual affordability commitment.