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THE SENATE |
S.B. NO. |
861 |
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THIRTY-SECOND LEGISLATURE, 2023 |
S.D. 2 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HOUSING SAVINGS ACCOUNTS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
(1) Develop the proposed system and program; and
(2) Conduct a study,
as required under this Act.
(b) The report on the proposed housing savings account system shall provide for:
(1) Contributions by an employee; and
(2) Contributions by an employer matched to the contributions of an employee.
(c) The proposed housing savings account system shall be designed to authorize the use of contributed funds for the following purposes:
(1) Downpayments;
(2) Mortgage payments;
(3) Rent;
(4) Security deposits; and
(5) Any other lawful purpose.
(d) In conducting the study, the bureau or the contracted entity shall consider the following:
(1) Problems or barriers to the implementation of a housing savings account system;
(2) Attitudes and concerns among residents and employees in the State regarding a housing savings account system;
(3) Components required for a housing savings account to be feasible in the State;
(4) The feasibility of including independent contractors in the housing savings account system;
(5) 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 certain federal programs; and
(6) Any other matters deemed necessary or relevant to the study.
(e) The legislative reference bureau shall submit a report of its proposal, findings, and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2025.
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 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 for the legislative reference bureau to contract for services to:
(1) Develop a proposed system for the establishment and implementation of a housing savings account program for the State; and
(2) Conduct the study,
as required under this Act.
The sums appropriated shall be expended by the legislative reference bureau for the purposes of this Act.
SECTION 3. This Act shall take effect on July 1, 2050.
Report Title:
Housing Savings Account System; LRB; Study; Contract; Appropriation
Description:
Directs the Legislative Reference Bureau to propose and conduct a study of a housing savings account system. Authorizes the Legislative Reference Bureau to contract for services to develop the proposed system and program and conduct a study. Appropriates funds. Effective 7/1/2050. (SD2)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.