Report Title:
Housing; Rental Housing Trust Fund
Description:
Allows funds from the rental housing trust fund to be used for projects for families who earn up to 140 percent of the area median income. (SD1)
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THE SENATE |
S.B. NO. |
2318 |
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TWENTY-THIRD LEGISLATURE, 2006 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 201G-432, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:
"(e) Moneys available in the fund shall be used for the purpose of providing, in whole or in part, loans or grants for rental housing projects [in the following order of priority:
(1) Projects or units in projects that are allocated low-income housing credits pursuant to the state housing credit ceiling under section 42(h) of the Internal Revenue Code of 1986, as amended, or projects or units in projects that are funded by programs of the United States Department of Housing and Urban Development and United States Department of Agriculture Rural Development wherein:
(A) At least fifty per cent of the available units are for persons and families with incomes at or below eighty per cent of the median family income of which at least five per cent of the available units are for persons and families with incomes at or below thirty per cent of the median family income; and
(B) The remaining units are for persons and families with incomes at or below one hundred per cent of the median family income; provided that the administration may establish rules to ensure full occupancy of fund projects; and
(2) Mixed-income rental projects or units in a mixed-income rental project wherein all of the available units are for persons and families with incomes at or below one hundred forty per cent of the median family income.] that provide affordable rental units for families earning up to one-hundred forty per cent of the area median income as determined by the United States Department of Housing and Urban Development."
SECTION 2. Act 196, Session Laws of Hawaii 2005, is amended by amending section 41 to read as follows:
"SECTION 41. This Act shall take effect on July 1, 2005; provided that:
(1) Sections 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, and 30 shall take effect on July 1, 2006;
(2) Section 37 shall take effect upon the date specified by the governor pursuant to the notice provided under section 36 of this Act if, prior to July 1, 2007, the United States Department of Housing and Urban Development declares the [housing and community development corporation of Hawaii] Hawaii housing finance and development administration to be in substantial default of the Memorandum of [Understanding] Agreement dated September 30, 2004; and
(3) Sections 36 and 37 shall be repealed on [July 1, 2007; and
(4) Section 5 shall be repealed on June 30, 2010, and section 201G-432, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day prior to the effective date of this Act.] July 1, 2007."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2050.