Appropriates $100,000,000 out of the general fund to the rental housing trust fund in fiscal year 2006-2007.

A BILL FOR AN ACT

SECTION 1. There is appropriated out of the general revenues of the State of Hawaii the sum of $100,000,000, or so much thereof as may be necessary, for fiscal year 2006-2007 to be deposited in the rental housing trust fund for the development of rental housing units pursuant to chapter 201G, part III, subpart Q, Hawaii Revised Statutes.

SECTION 2. The sum appropriated shall be expended by the department of human services for the purposes of this Act; provided that fifty percent of the sum appropriated shall be encumbered as of December 31, 2006; and provided further, that the funds expended shall be disbursed without regard to the priority for projects that are allocated low-income housing credits under subsection 201G-432(e), Hawaii Revised Statutes.

SECTION 3. This Act shall take effect on July 2, 2006.