Bill Text: HI SB2065 | 2024 | Regular Session | Amended
Bill Title: Relating To Housing.
Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: (Introduced) 2024-02-12 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2065 Detail]
Download: Hawaii-2024-SB2065-Amended.html
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THE SENATE |
S.B. NO. |
2065 |
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THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
" . HAWAII RESIDENTIAL DEVELOPERS LOAN Revolving Fund
§201H-A Corporation duties under this subpart. (a) The corporation shall enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing required to be sold or rented to qualified residents as defined in section 201H-32. The corporation shall not provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers.
(b) When the application for a loan has been approved by the corporation, the corporation shall issue to the lender a guarantee for the percentage of the loan for which it guarantees payment of principal and interest. The private lender shall collect all payments from the borrower and otherwise service the loan.
§201H-B General powers under this subpart. (a) The corporation may:
(1) Enhance credit;
(2) Adopt rules in accordance with chapter 91 to carry into effect the purposes, powers, and programs of this subpart; and
(3) Notwithstanding any law to the contrary, establish and collect fees for administrative expenses incurred by the corporation to process applications for loans, grants, services, and real estate documents related to the corporation's functions under this subpart.
(b) In addition to other powers conferred upon it, the corporation may do all things necessary and convenient to carry out the powers expressly provided in this subpart.
§201H-C Hawaii residential developers loan revolving fund. (a) There is established the Hawaii residential developers loan revolving fund to be administered by the corporation. The proceeds of the funds shall be used to enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing for sale or rent to qualified residents as defined in section 201H-32. The proceeds of the funds shall not be used to provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers.
(b) The following may be deposited into the fund:
(1) Appropriations made by the legislature;
(2) Private contributions;
(3) Repayment of loans, interest, other returns; and
(4) Moneys
from other sources."
SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $200,000,000 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 2024-2025 for the purpose of funding the Hawaii residential developers loan revolving fund established pursuant to section 201H-C, Hawaii Revised Statutes.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 3. 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, 2026, shall lapse as of that date.
Report Title:
HHFDC; Hawaii Residential Developers Loan Revolving Fund; Housing; Developers; Credit Enhancement; Loan Guarantees; GO Bonds; Appropriation
Description:
Establishes the Hawaii Residential Developers Loan Revolving Fund to be administered by the Hawaii Housing Finance and Development Corporation for the purpose of enhancing credit and guaranteeing and insuring loans made by private financial institutions to developers of residential housing for sale or rent to qualified residents. Authorizes the Director of Finance to issue general obligation bonds to fund the Hawaii Residential Developers Loan Revolving Fund. Makes an appropriation. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
