Bill Text: HI HB776 | 2012 | Regular Session | Introduced
Bill Title: Dwelling Unit Revolving Fund; Expand Purposes
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-12-01 - Carried over to 2012 Regular Session. [HB776 Detail]
Download: Hawaii-2012-HB776-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
776 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE DWELLING UNIT REVOLVING FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to:
(1) Expand temporarily, from July 1, 2011, to June 30, 2013, the purposes for which moneys in the dwelling unit revolving fund may be expended; and
(2) Make an appropriation for those purposes.
The legislature intends for this Act to promote job opportunities in the private sector.
SECTION 2. Section 201H-191, Hawaii Revised Statutes, is amended to read as follows:
"[[]§201H-191[]]
Dwelling unit revolving fund. There is created a dwelling unit revolving
fund. The funds appropriated for the purpose of the dwelling unit revolving
fund and all moneys received or collected by the corporation for the purpose of
the revolving fund shall be deposited in the revolving fund. The proceeds in
the revolving fund shall be used to reimburse the general fund to pay the
interest on general obligation bonds issued for the purposes of the revolving
fund, for the necessary expenses in administering housing development programs,
and for carrying out the purposes of housing development programs, including but
not limited to the expansion of community facilities constructed in conjunction
with housing projects, permanent primary or secondary financing, and
supplementing building costs, federal guarantees required for operational
losses, and all things required by any federal agency in the construction and
receipt of federal funds or low‑income housing tax credits for housing
projects. Beginning July 1, 2011, and ending on June 30, 2013, the housing
development programs for which proceeds of the revolving fund may be used shall
include the repair and maintenance of community facilities constructed in
conjunction with housing projects and the construction, repair, and maintenance
of infrastructure serving housing projects."
SECTION 3. There is appropriated out of the dwelling unit revolving fund of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2011-2012 and the same sum or so much thereof as may be necessary for fiscal year 2012-2013 for the following:
(1) The repair and maintenance of community facilities constructed in conjunction with housing projects, as defined under section 201H-1, Hawaii Revised Statutes; and
(2) The construction, repair, and maintenance of infrastructure serving those housing projects.
The sums appropriated shall be expended by the housing finance and development corporation for the purposes of this Act.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5 This Act shall take effect on July 1, 2011.
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INTRODUCED BY: |
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Report Title:
Dwelling Unit Revolving Fund; Expand Purposes
Description:
Temporarily expands the purposes for which dwelling unit revolving funds may be expended in order to create job opportunities. Takes effect on 7/1/2011, and terminates on 6/30/2013.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
