Bill Text: HI HB1551 | 2018 | Regular Session | Introduced
Bill Title: Relating To The Hawaii Housing Finance And Development Corporation.
Spectrum: Moderate Partisan Bill (Democrat 8-2)
Status: (Introduced - Dead) 2017-11-30 - Carried over to 2018 Regular Session. [HB1551 Detail]
Download: Hawaii-2018-HB1551-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1551 |
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TWENTY-NINTH LEGISLATURE, 2017 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Relating to the hawaii housing finance and development corporation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 201H-91, Hawaii Revised Statutes, is amended by amending the definition of "eligible project loan" to read as follows:
""Eligible project loan" means an interim or permanent loan, which may be federally insured or guaranteed, made to a qualified sponsor for the financing of a rental housing project, or a rent-to-own housing project whose units would first be subject to section 201H-181, and which meets other requirements as established by rules adopted by the corporation."
SECTION 2. Section 201H-95, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation shall establish
requirements for [rental] housing projects to be financed by an eligible
project loan, and may consider the location, age, condition, and other
characteristics of the project[.], provided that the housing projects
be exclusively offered to families or individuals whose income does not exceed
one hundred and forty per cent of the area median income as determined by the
United States Department of Housing and Urban Development."
SECTION 3. Section 201H-171, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation [may] shall
establish a homebuyers' club program for participants who are desirous of
purchasing a home and who have adequate incomes but who lack sufficient funds
for the downpayment and closing costs. The primary focus of this program is to
facilitate the purchase of homes by providing participants with strategies to save
money, to resolve credit problems, and to educate participants on how to shop
for and purchase a home."
SECTION 4. Section 201H-181, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation [may] shall
establish a rent-to-own program under which dwelling units that are for sale
may be rented to program participants. Under this program, the corporation
shall credit a portion of the rent received toward the purchase of the
unit."
SECTION 5. Issuance of revenue bond; amount authorized. Revenue bonds may be issued by the Hawaii housing finance and development corporation pursuant to part III, chapter 39 and subpart A of part III of chapter 201H, Hawaii Revised Statutes, in an aggregate principal amount not to exceed $ at such times and in such amounts as the Hawaii housing finance and development corporation deems advisable for the purpose of undertaking and maintaining the housing loan programs under part III of chapter 201H.
SECTION 6. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 7. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
HHFDC; Eligible Project Loan; Rent-to-Own Housing; Revenue Bonds
Description:
Amends the definition of eligible project loan to include rent-to-own housing. Requires HHFDC to implement the Homebuyer's Club and Rent-to-own Housing Programs. Authorizes the issuance of revenue bonds to finance HHFDC programs.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
