THE SENATE	S.B. NO.	2039
TWENTY-FIFTH LEGISLATURE, 2010
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 many Hawaii residents have difficulty maintaining home ownership because the cost of necessary home maintenance and upkeep is prohibitive, particularly to individuals on a fixed income.  The purpose of this measure is to authorize the issuance of state bonds in order to revive the housing loan and mortgage program, also known as the hula mae single family program

     SECTION 2.  Section 201H-92, Hawaii Revised Statutes, is amended by amending its title and subsection (a) to read as follows:

"[[]§201H-92[]]  Owner-occupancy requirement.  (a)  An eligible borrower shall use the dwelling unit purchased or repaired under this subpart as the eligible borrower's permanent and primary residence."

     SECTION 3.  The director of finance is authorized to issue general obligation bonds in the sum of $           or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2010-2011 for the purpose of reinstating the housing loan and mortgage program, also known as the hula mae single family program, that is authorized by sections 201H-91 through 201H-120, Hawaii Revised Statutes, and implemented according to Hawaii Administrative Rules 15-161-1 through 15-161-59. 

     SECTION 4.  The appropriation made for the capital improvement project authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2012, shall lapse as of that date.

     SECTION 5.  The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.

     SECTION 6.  In accordance with Act 180, section 23, Session Laws of Hawaii 2006, chapter 161 of title 15, Hawaii Administrative Rules, shall remain in full force and effect and shall continue to apply to the housing loan and mortgage program, also known as the hula mae single family program.  The executive director of the Hawaii housing finance and development corporation shall, in accordance with chapter 91, amend chapter 161 of title 15, Hawaii Administrative Rules, by replacing all references to part III, chapter 201G, Hawaii Revised Statutes, with references to part III, chapter 201H, Hawaii Revised Statutes, to reflect the renumbering of certain chapters of the Hawaii Revised Statutes enacted by Act 180, Session Laws of Hawaii 2006.

     SECTION 7.  The Hawaii housing finance and development corporation shall submit a report to the legislature no later than sixty days before the commencement of the 2011 session on the implementation of this Act.  The report shall include data on all home loans issued by lenders pursuant to this Act and an analysis of the desirability of continuing to issue general obligation bonds to continue to fund the operations of the housing loan and mortgage program.  

     SECTION 8.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 9.  This Act shall take effect on July 1, 2010.

INTRODUCED BY:

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Report Title:

Home Improvement Loans; Housing Loan and Mortgage Program

Description:

Authorizes the issuance of general obligation bonds to assist homeowners in obtaining mortgage and home repair loans by re-activate the Hula Mae Single Family Program.

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