THE SENATE

S.B. NO.

2238

THIRTY-FIRST LEGISLATURE, 2022

S.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO HOUSING SAVINGS ACCOUNTS.

 

 

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

 

     SECTION 1.  (a)  The legislative reference bureau shall conduct a study of the implementation of a housing savings account system.

     (b)  Each housing savings account in the system to be studied shall consist of:

     (1)  Contributions of an employee; and

     (2)  Contributions of an employer matched to the contributions of an employee.

     (c)  Funds contributed to a housing savings account in the system to be studied shall be utilized for the following purposes:

     (1)  Downpayments;

     (2)  Mortgage payments;

     (3)  Rent; and

     (4)  Security deposits.

     (d)  The study shall consider the following:

     (1)  Problems or barriers to the implementation of a housing savings account system;

     (3)  Attitudes and concerns among residents and employees in the State regarding a housing savings account system;

     (4)  Components required for a housing savings account to be feasible in the State;

     (5)  The feasibility of including independent contractors in the housing savings account system;

     (6)  A mechanism that exempts moneys in the housing savings account from an individual's total assets as calculated under title 24 Code of Federal Regulations section 5.609 in order to prevent those in public housing from being disqualified from those programs; and

     (7)  Any other matters deemed necessary or relevant to the study.

     (e)  The legislative reference bureau shall submit a report of its findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2023.

     SECTION 2.  This Act shall take effect upon its approval.

 

Report Title:

Housing Savings Account System; Legislative Reference Bureau; Study

 

Description:

Directs the Legislative Reference Bureau to conduct a study of a housing savings account system.  (SD1)

 

 

 

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