Report Title:

Housing; Appropriation; Kukui Gardens

Description:

Appropriates moneys to allow Kukui Gardens to remain an affordable development.  Establishes that the State shall hold title to the land and may contract the services of a private nonprofit entity to manage the property and develop additional affordable dwelling units.  (SD2)

THE SENATE	S.B. NO.	1103
TWENTY-FOURTH LEGISLATURE, 2007		S.D. 2
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO HOUSING.

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

     SECTION 1.  The legislature finds that the best possible solution to retain the Kukui Gardens apartment complex as an affordable housing development is for the State to purchase it.

     The purpose of this Act is to appropriate moneys to purchase the Kukui Gardens development to ensure that it remains an affordable housing development.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $          , or so much thereof as may be necessary for fiscal year 2007-2008, and the same sum, or so much thereof as may be necessary for fiscal year 2008-2009, to purchase the real property, housing development, and appurtenances at Kukui Gardens; provided that the State:

     (1)  Shall hold title to the land and the land shall be used in perpetuity for affordable housing; and

     (2)  May contract with a private nonprofit rental management organization to operate the existing facility and to develop additional affordable rentals on the site.

The sums appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2050.