Bill Text: HI HB1748 | 2022 | Regular Session | Amended
Bill Title: Authorizing The Issuance Of General Obligation Bonds For Affordable Housing.
Spectrum: Partisan Bill (Democrat 31-0)
Status: (Engrossed - Dead) 2022-03-18 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [HB1748 Detail]
Download: Hawaii-2022-HB1748-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1748 |
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THIRTY-FIRST LEGISLATURE, 2022 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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A BILL FOR AN ACT
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR AFFORDABLE HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the rental housing revolving fund provides gap financing to developers of affordable housing that is targeted to very low income households, or households with incomes at or below sixty per cent of the area median income, and to extremely low income households, or households with incomes at or below thirty per cent of the area median income, in the State.
The legislature further finds that demand for the rental housing revolving fund exceeds supply. In 2021, the Hawaii housing finance and development corporation awarded $83,000,000 from the rental housing revolving fund to seven developers with projects totaling five hundred twelve housing units. However, in the same year, sixteen other developers with projects totaling two thousand two hundred units also requested $269,000,000 from the rental housing revolving fund through the competitive application process.
The legislature also finds that while the use of the rental housing revolving fund is limited by the allocation of low-income housing tax credits and private activity bond caps set by the federal government, an additional allocation of funds from the rental housing revolving fund will help build additional affordable homes in the State.
The purpose of this Act is to authorize, and appropriate funds for, the issuance of general obligation bonds for deposit into and out of the rental housing revolving fund for low-income rental housing projects and units developed pursuant to section 201H-202(e)(1), Hawaii Revised Statutes.
SECTION 2. The director of finance is authorized to
issue general obligation bonds in the sum of $300,000,000 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 2022-2023 to
be deposited into the rental housing revolving fund established pursuant to section
201H-202, Hawaii Revised Statutes.
SECTION 3. There is appropriated out of the rental
housing revolving fund established pursuant to section 201H-202, Hawaii Revised
Statutes, the sum of $300,000,000 or so much thereof as may be necessary for
fiscal year 2022-2023 for projects developed pursuant to section 201H-202(e)(1),
Hawaii Revised Statutes.
The sum
appropriated shall be expended by the Hawaii housing finance and
development corporation for the purposes of this Act.
SECTION 4. This Act shall take effect on July 1, 2050.
Report Title:
General Obligation Bonds; Rental Housing Revolving Fund; Hawaii Housing Finance and Development Corporation; Appropriation
Description:
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
