By Benjamin Finnerty (S), REALTOR® (RS-83812) with Keller Williams Realty Maui · Kīhei, Maui · 808-481-9748

Quick Answer: Question 2 on Hawaiʻi’s November 3, 2026 general election ballot asks voters whether to amend the state constitution so counties, including Maui County, can issue RISE bonds. These bonds would pay for infrastructure such as water and sewer lines in designated districts and be repaid only from future growth in property tax revenue there.

I’m Benjamin Finnerty, a REALTOR® in Kīhei with Keller Williams Realty Maui. RISE bonds have come up in a lot of my conversations lately, because Maui’s housing shortage is, in large part, an infrastructure problem. Land that could hold homes often can’t be built on until someone pays for the pipes, roads and drainage. Here’s a plain-language look at what Question 2 does, what it doesn’t do, and why it matters for Maui real estate.

What is Hawaiʻi ballot Question 2 in 2026?

Question 2 is a proposed constitutional amendment that would let counties issue “resilient infrastructure for shelter and equity” (RISE) bonds. It comes from Senate Bill 3219, which the Legislature approved on May 6, 2026, with a 25-0 Senate vote and a 50-0 House vote.

Here’s the ballot language, as published by the State Office of Elections:

“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?”

How do RISE bonds work?

RISE bonds are Hawaiʻi’s version of tax increment financing (TIF). A county draws a district, records today’s property values as a baseline, and borrows against the extra property tax revenue the district is expected to generate as new homes and buildings go up.

According to reporting by Honolulu Civil Beat and Hawaiʻi Public Radio:

1. The county sets the district’s baseline property values before construction.
2. The county keeps collecting the baseline tax revenue for its general fund.
3. Tax revenue above the baseline, the “increment,” repays the bonds.
4. The bonds are sold to private investors and can be issued in phases.

The ballot language says the bonds would be repaid “solely” from that growth, “not by increasing real property tax rates,” and would sit outside the county’s debt limit. Hawaiʻi Public Radio reported that, as described, the bonds wouldn’t be backed by the county’s general fund, so bondholders would bear the loss if the district’s revenue fell short.

Why does Hawaiʻi need a constitutional amendment for this?

Because the state Attorney General has taken the position that counties can’t use this kind of financing without one. Civil Beat reported that Hawaiʻi has had a tax increment financing law on the books since 1985, but an Attorney General’s opinion has blocked its use, and lawmakers have tried to amend the constitution at least four times since 2010.

Without RISE bonds, counties can borrow through general obligation bonds, but the state constitution caps county general obligation debt at 15% of assessed real property value, according to Hawaiʻi Public Radio.

What would RISE bonds mean for Maui specifically?

Nothing changes right away. A yes vote would give Maui County a new tool; it wouldn’t create any district, project or bond by itself. The ballot language directs the Legislature to authorize the counties, with oversight requirements “as may be provided by law,” so state and county rules would still have to be written.

Most of the public discussion has focused on Honolulu, especially the Iwilei-Kapālama area along the Skyline rail line. Hawaiʻi Public Radio reported that planners have identified areas in the neighbor island counties, including Maui, where the bonds could be used, and Civil Beat reported that the neighbor island counties are supportive. Neither outlet named a specific Maui district, so I’d treat any claim about where a Maui district would go as speculation for now.

If you follow Maui housing projects, this connects directly to the bottleneck I wrote about in my post on new housing developments moving through zoning this fall.

What are the risks of RISE bonds?

The main risk is that the expected growth doesn’t happen. If a district doesn’t develop, or property values fall, the increment may not cover the debt. Hawaiʻi Public Radio pointed to Paradise, California, where tax increment bonds defaulted after the 2018 Camp Fire. Civil Beat noted that outside analysts recommend safeguards such as phased borrowing and independent market studies; those details would be up to future laws and county decisions.

How does voting on Question 2 work?

Ballots are mailed to arrive by October 16, 2026; voter service centers are open October 20 through November 3, except Sundays; and ballots must be received by 7 p.m. on Tuesday, November 3. To pass, yes votes must be a majority of votes tallied and at least 50% of all ballots cast. A blank answer counts the same as a no vote.

My Take: What I’m Telling Buyers, Sellers and Owners

I’m not going to tell you how to vote. One disclosure: Hawaiʻi Public Radio reported that real estate agents and unionized carpenters are among the groups funding the campaign in favor, and I work in real estate, so weigh my view with that in mind. The Star-Advertiser’s editorial board has also endorsed a yes vote. Read the ballot language yourself; it’s short.

What I can tell you is how to think about it as a buyer or owner. Even if Question 2 passes, it would likely take years before a Maui district is created and infrastructure is built, so it shouldn’t change anyone’s purchase timeline this fall. If you own property, the ballot language specifically says the bonds would be repaid without increasing real property tax rates; your assessed value and the County’s rates still drive your bill, as I explained in my post on Maui’s new property tax rates.

Longer term, anything that lowers the cost of building water and sewer capacity could open land for housing on Maui. I’ll watch for the enabling legislation in 2027 and any Maui County proposal that follows.

General information, not tax or legal advice; confirm with a CPA or Hawaiʻi attorney.

Frequently Asked Questions

What does RISE stand for?
Resilient infrastructure for shelter and equity. RISE bonds are a form of tax increment financing.

Would RISE bonds raise my Maui property taxes?
The ballot language says the bonds would be repaid solely from future growth in district property tax revenue, “not by increasing real property tax rates.”

What happens if I leave Question 2 blank?
A blank vote counts the same as a no vote under Hawaiʻi’s rules for constitutional amendments.

When is the election?
Tuesday, November 3, 2026. Ballots must be received by 7 p.m. that day.

Does a yes vote create a RISE district on Maui?
No. It authorizes the tool. The Legislature and county would still need to set rules and create any district.

Ask Benjamin

If you’re weighing a Maui purchase or sale and want to know how county housing policy could affect a specific property, reach out. I’m Benjamin Finnerty, a REALTOR® in Kīhei with Keller Williams Realty Maui. Call or text 808-481-9748 or email benjamin@the808team.com.

Sources: State of Hawaiʻi Office of Elections (2026 proposed constitutional amendments); Ballotpedia News (SB 3219 votes); Hawaiʻi Public Radio (Oct. 9, 2026); Honolulu Civil Beat (Sept. 2026); Honolulu Star-Advertiser editorial (Sept. 27, 2026).