THE SENATE	S.B. NO.	3305
THIRTY-FIRST LEGISLATURE, 2022
STATE OF HAWAII

A BILL FOR AN ACT

AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR AFFORDABLE HOUSING.

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

SECTION 1. The legislature finds that there is a dire need for affordable housing in the State, especially among native Hawaiians, particularly native Hawaiian households waiting for a residential lease on Hawaiian home lands. The legislature also finds that the department of Hawaiian home lands has selected a partnership to redevelop its property located at 820 Isenberg street on Oahu, the site of the former Stadium Bowl-O-Drome bowling alley, to provide rental housing for native Hawaiian beneficiaries. The department of Hawaiian home lands has also published a draft environmental assessment for redevelopment of the property.

The legislature finds that redevelopment of the 1.9 acre lot will increase the development and construction of affordable housing units for native Hawaiian beneficiaries and will provide another housing option for native Hawaiian beneficiaries, including the opportunity to live in Honolulu's urban core.

The projected costs for construction of the department of Hawaiian home lands property is approximately $137,000,000, to be financed through a combination of low-income housing tax credits, the rental housing revolving fund, and private sources. The rental housing revolving fund, which provides equity-gap low-interest loans to qualified owners and developers constructing affordable housing units, is essential to the development and construction of the project.

The purpose of this Act is to authorize the issuance of general obligation bonds to be appropriated into and out of the rental housing revolving fund for redevelopment of the department of Hawaiian home lands property located at 820 Isenberg street, Honolulu, Hawaii, for rental housing for native Hawaiian beneficiaries.

SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $41,500,000 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 2022-2023 to be deposited into the rental housing revolving fund established by section 201H-202, Hawaii Revised Statutes.

SECTION 3. There is appropriated out of the rental housing revolving fund established by section 201H-202, Hawaii Revised Statutes, the sum of $41,500,000 or so much thereof as may be necessary for fiscal year 2022-2023 for redevelopment of the department of Hawaiian home lands property located at 820 Isenberg street, Honolulu, Hawaii, for rental housing for native Hawaiian beneficiaries.

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

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, 2024, shall lapse as of that date.

SECTION 5. This Act shall take effect on July 1, 2022.

INTRODUCED BY:

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Report Title:

General Obligation Bonds; Department of Hawaiian Home Lands; Affordable Rental Housing; Rental Housing Revolving Fund

Description:

Authorizes the issuance of general obligation bonds to be appropriated into and out of the rental housing revolving fund for redevelopment of the department of Hawaiian home lands property located at 820 Isenberg street, Honolulu, Hawaii, for rental housing for native Hawaiian beneficiaries.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.