Bill Text: HI HB1236 | 2023 | Regular Session | Introduced
Bill Title: Relating To Affordable Housing.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2023-02-17 - Report adopted. referred to the committee(s) on FIN as amended in HD 2 with none voting aye with reservations; none voting no (0) and Representative(s) Marten excused (1). [HB1236 Detail]
Download: Hawaii-2023-HB1236-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1236 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to affordable housing.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 412:5-305, Hawaii Revised Statutes, is amended by amending subsection (h) to read as follows:
"(h) To the
extent specified herein, a bank may invest its own assets in limited
partnerships, limited liability partnerships, limited liability companies, or
corporations formed to invest in residential properties that will qualify for the low income housing tax
credit under section 42 of the Internal Revenue Code of 1986, as amended, and
under chapters 235 and 241; provided that the [total amount invested by a
bank under this subsection in any one limited partnership, limited liability
partnership, limited liability company, or corporation shall not, without the
prior approval of the commissioner, exceed two per cent of the bank's capital
and surplus and the aggregate amount invested under this subsection shall not,
without the prior approval of the commissioner, exceed five per cent of the
bank's capital and surplus. In no case
shall the aggregate amount invested by a bank under this subsection exceed ten
per cent of the bank's capital and surplus.] aggregate amount invested
under this subsection shall not exceed two per cent of the bank's total assets
without prior approval of the commissioner."
SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2023.
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INTRODUCED BY: |
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Report Title:
Affordable Housing; Banks; Assets; Aggregate Investments
Description:
Allows a bank to invest, in aggregate, up to two per cent of the bank's total assets in limited partnerships, limited liability partnerships, limited liability companies, and corporations formed to invest in affordable housing residential properties. Requires approval from the commissioner of financial institutions to exceed this amount.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
