Bill Text: HI HB992 | 2023 | Regular Session | Amended
Bill Title: Relating To The Affordable Homeownership Revolving Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2023-06-21 - Act 093, 06/21/2023 (Gov. Msg. No. 1194). [HB992 Detail]
Download: Hawaii-2023-HB992-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
992 |
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THIRTY-SECOND LEGISLATURE, 2023 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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A BILL FOR AN ACT
RELATING TO THE AFFORDABLE HOMEOWNERSHIP REVOLVING FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to clarify that the $5,000,000 in general funds that were appropriated in Act 248, Session Laws of Hawaii 2022, for the purpose of providing, in whole or in part, loans to nonprofit community development financial institutions and nonprofit housing development organizations for the development of affordable homeownership housing projects, is to be deposited into the affordable homeownership revolving fund for the purpose for which the revolving fund was established. This Act will ensure that loan repayments will be made to the affordable homeownership revolving fund rather than the general fund.
SECTION 2. Act 88, Session Laws of Hawaii 2021, as amended by Act 248, Session Laws of Hawaii 2022, is amended by amending section 6.4 to read as follows:
"SECTION 6.4. Provided that of the general fund
appropriation for Hawaii housing finance and development corporation (BED160),
the sum of $5,000,000 or so much thereof as may be necessary for fiscal year
2022-2023 shall be deposited
into the affordable homeownership revolving fund established pursuant to
section 201H-206, Hawaii Revised Statutes, expended for the [purpose
of providing, in whole or in part, loans to nonprofit community development
financial institutions and nonprofit housing development organizations for the
development of affordable homeownership housing projects;] purposes for
which the revolving fund is established; provided
further that the moneys provided in this section shall not lapse at the end of
the fiscal year for which the appropriation is made; provided further that any
moneys that remain unencumbered on June 30, 2024, shall lapse on that
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 Statutory material to be repealed is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, 2050.
Report Title:
Affordable Homeownership Revolving Fund; Hawaii Housing Finance and Development Corporation
Description:
Clarifies section 6.4 of Act 248, Session Laws of Hawaii 2022, as it pertains to the appropriation for the Affordable Homeownership Revolving Fund. Effective 7/1/2050. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
