THE SENATE	S.B. NO.	1290
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO THE AFFORDABLE HOMEOWNERSHIP REVOLVING FUND.

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

SECTION 1. Act 88, Session Laws of Hawaii 2021 (the General Appropriations Act of 2021), as amended by Act 248, Session Laws of Hawaii 2022, is amended by amending section 6.4 to read as follows:

"SECTION 6.4. Provided that of the general fund appropriation for Hawaii housing finance and development corporation (BED160), the sum of $5,000,000 or so much thereof as may be necessary for fiscal year 2022-2023 shall be deposited into the affordable homeownership revolving fund established pursuant to section 201H-206, Hawaii Revised Statutes, and the same sum or so much thereof as may be necessary for fiscal year 2022-2023 shall be expended for the [purpose of providing, in whole or in part, loans to nonprofit community development financial institutions and nonprofit housing development organizations for the development of affordable homeownership housing projects;] purposes for which the revolving fund is established; provided further that the moneys provided in this section shall not lapse at the end of the fiscal year for which the appropriation is made; provided further that any moneys that remain unencumbered on June 30, 2024, shall lapse on that date."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:	_____________________________
	BY REQUEST

Report Title:

Affordable Homeownership Revolving Fund; Hawaii Housing Finance and Development Corporation

Description:

Clarifies section 6.4 of Act 248, Session Laws of Hawaii 2022, as it pertains to the appropriation for the Affordable Homeownership Revolving Fund.

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