REPORT TITLE:
Rental Housing Fund; GO Bonds


DESCRIPTION:
Authorizes $20 million in G.O. Bonds and appropriates it to the
Rental Housing Trust Fund.  Permits uses of funds for, planning,
design, costs of options, agreements of sale, and other housing
development services or activities.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                             
THE SENATE                              S.B. NO.           202
TWENTIETH LEGISLATURE, 1999                                     
STATE OF HAWAII                                                 
                                                             
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                     A  BILL  FOR  AN  ACT

AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS AND MAKING
   AN APPROPRIATION FOR THE RENTAL HOUSING TRUST FUND.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  The legislature finds that it is in the best
 
 2 interest of the State to encourage rental housing that does not
 
 3 compete with private developers in the housing sales market.  
 
 4      The legislature further finds that the greatest need for
 
 5 housing in the State of Hawaii is for families below eighty per
 
 6 cent of the median income and that the most effective way to
 
 7 perpetuate housing for low-income families is through nonprofit
 
 8 development. 
 
 9      In 1992, the rental housing trust fund was created under Act
 
10 308, Session Laws Hawaii, 1992.  The legislature created this
 
11 fund to provide loans and grants for the development,
 
12 pre-development, construction, acquisition, preservation, and
 
13 substantial rehabilitation of rental housing units.
 
14      As of June 30, 1998, the rental housing trust fund
 
15 commission had committed project award loans to twenty-one
 
16 affordable rental developments.  Together they total 1,473 units
 
17 of affordable rental housing.  Projects assisted by the rental
 
18 housing trust fund, provide low interest, flexible term loans for
 
19 low income housing on Oahu, Maui, Kauai, and Hawaii.
 

 
Page 2                                                     
                                     S.B. NO.           202
                                                        
                                                        

 
 1      The purpose of this Act is to authorize general obligation
 
 2 bonds and to appropriate money to the rental housing trust fund
 
 3 to encourage the development and availability of low income
 
 4 rental housing throughout the State of Hawaii.
 
 5      SECTION 2.  The director of finance is authorized to issue
 
 6 general obligation bonds in the sum of $20,000,000, or so much
 
 7 thereof as may be necessary, and the same sum, or so much thereof
 
 8 as may be necessary, is appropriated for fiscal year 1999-2000 to
 
 9 be paid into the rental housing trust fund created in section
 
10 201G-432, Hawaii Revised Statutes.
 
11      SECTION 3.  The sum appropriated shall be expended by the
 
12 housing and community development corporation of Hawaii for the
 
13 purpose of this Act.
 
14      SECTION 4.  This Act shall take effect on July 1, 1999.
 
15 
 
16                           INTRODUCED BY:  _______________________