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THE SENATE |
S.B. NO. |
2266 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
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:
PART I
SECTION 1. The legislature finds that according to the Hawaii housing planning study in 2011, there is an estimated need for over thirteen thousand rental units by 2016 for households at or below 80 per cent of the area median income. Of those needed rental units, nearly 75 per cent are needed by households at or below 50 per cent of the area median income. The legislature therefore finds that expanding affordable housing opportunities can go a long way in facilitating stability for many of Hawaii's struggling families.
SECTION 2. 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 2014-2015 for deposit into the rental housing trust fund established pursuant to section 201H-202, Hawaii Revised Statutes.
SECTION 3. There is appropriated out of the rental housing trust fund the sum of $ or so much thereof as may be necessary for fiscal year 2014-2015 for the purposes set forth in section 201H-202, Hawaii Revised Statutes.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this part.
PART II
SECTION 4. The dwelling unit revolving fund was established pursuant to Act 105, Session Laws of Hawaii 1970, for the acquisition of real property; development and construction of residential, commercial, and industrial properties; interim and permanent loans to developers; and for the general purposes of the housing development program.
SECTION 5. 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 2014-2015 to be deposited into the dwelling unit revolving fund established pursuant to section 201H-191, Hawaii Revised Statutes.
SECTION 6. There is appropriated out of the dwelling unit revolving fund the sum of $ or so much thereof as may be necessary for fiscal year 2014-2015 for the development of infrastructure and improvements of on-site and off-site development.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this part.
PART III
SECTION 7. The appropriations made by this Act shall not lapse at the end of the fiscal biennium for which the appropriations are made; provided that all moneys from the appropriations unencumbered as of June 30, 2016, shall lapse as of that date.
SECTION 8. This Act shall take effect on July 1, 2050.
Report Title:
Rental Housing Trust Fund; Dwelling Unit Revolving Fund; Appropriation; General Obligation Bonds
Description:
Authorizes the issuance of general obligation bonds and the appropriation of funds for deposit into the rental housing trust fund and the dwelling unit revolving fund for the purposes of financing affordable rental housing development and infrastructure development. Effective 07/1/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.