Report Title:
Housing Loan and Mortgage Program; Affordable Housing
Description:
Provides an increase in Hula Mae multifamily revenue bond authority from $400 million to $500 million to provide financing assistance for the development and preservation/rehabilitation of affordable housing.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
3058 |
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TWENTY-FOURTH LEGISLATURE, 2008 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Act 291, Session Laws of Hawaii 1980, as amended by Act 304, Session Laws of Hawaii 1996, as amended by Act 185, Session Laws of Hawaii 2004, as amended by Act 231, Session Laws of Hawaii 2007, is amended by amending section 11 to read as follows:
"SECTION 11. Issuance of revenue bond;
amount authorized. Revenue bonds may be issued by the Hawaii housing
finance and development corporation pursuant to part III, chapter 39 and
subpart A of part III of chapter 201H, Hawaii Revised Statutes, in an aggregate
principal amount not to exceed [$400,000,000,] $500,000,000
at such times and in such amounts as the Hawaii housing finance and development
corporation deems advisable for the purpose of undertaking and maintaining any
of the housing loan programs under subpart A of part III of chapter 201H,
Hawaii Revised Statutes, relating to the funding or purchasing of eligible
project loans."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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BY REQUEST |