Bill Text: HI SB2036 | 2024 | Regular Session | Introduced
Bill Title: Relating To Housing Savings Accounts.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced) 2024-01-17 - Referred to HOU/GVO, WAM. [SB2036 Detail]
Download: Hawaii-2024-SB2036-Introduced.html
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THE SENATE |
S.B. NO. |
2036 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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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 2026.
SECTION 2. In accordance with section 9 of article VII of the Hawaii State Constitution and sections 37-91 and 37-93, Hawaii Revised Statutes, the legislature has determined that the appropriations contained in Act 164, Regular Session of 2023, and this Act will cause the state general fund expenditure ceiling for fiscal year 2024-2025 to be exceeded by $ or per cent. This current declaration takes into account general fund appropriations authorized for fiscal year 2024-2025 in Act 164, Regular Session of 2023, and this Act only. The reasons for exceeding the general fund expenditure ceiling are that:
(1) The appropriation made in this Act is necessary to serve the public interest; and
(2) The appropriation made in this Act meets the needs addressed by this Act.
SECTION 3. 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 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 sum appropriated shall be expended by the legislative reference bureau for the purposes of this Act.
SECTION 4. This Act shall take effect on July 1, 2024.
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INTRODUCED BY: |
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Report Title:
LRB; Housing Savings Account System; Study; Contract; Expenditure Ceiling; 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. Makes an appropriation.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
