Raises the revenue bond authorization for the rental housing trust fund to $100,000,000. Amends Act 291, Session Laws of Hawaii 2001, to correct the expending agency.

A BILL FOR AN ACT

SECTION 1. The rental housing trust fund provides loans or grants for the development, predevelopment, construction, acquisition, and substantial rehabilitation of rental housing units.

The rental housing trust fund, currently administered by the housing and community development corporation of Hawaii, is authorized to issue revenue bonds in an aggregate principal amount not to exceed $30,000,000.

The purpose of this Act is to authorize the Hawaii housing finance and development administration to issue revenue bonds for the rental housing trust fund to in aggregate principal amount not to exceed $100,000,000, and to provide that the Hawaii housing finance and development administration shall be the expending agency.

SECTION 2. Act 291, Session Laws of Hawaii 2001, is amended by amending section 1 to read as follows:

"SECTION 1. The [housing and community development corporation of Hawaii,] Hawaii housing finance and development administration, with the approval of the director of finance and the governor, is authorized pursuant to part III, chapter 39, Hawaii Revised Statutes, and part III, chapter 201G, Hawaii Revised Statutes, to issue revenue bonds in an aggregate principal amount not to exceed [$30,000,000,] $100,000,000, at such times and in such amounts as it deems advisable for the purpose of carrying out the provisions of subpart Q of part III of chapter 201G, Hawaii Revised Statutes.

The proceeds of such revenue bonds shall be deposited into the rental housing trust fund created in section 201G-432, Hawaii Revised Statutes."

SECTION 3. Act 291, Session Laws of Hawaii 2001, is amended by amending section 2 to read as follows:

"SECTION 2. There is appropriated out of the rental housing trust fund the sum of [$30,000,000,] $100,000,000, or so much thereof as may be necessary, for fiscal year [2001-2002,] 2006-2007 to carry out the purposes of the rental housing trust fund.

The sum appropriated shall be expended by the [housing and community development corporation of Hawaii.] Hawaii housing finance and development administration."

SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 5. This Act shall take effect on July 1, 2006.