Bill Text: HI SB152 | 2025 | Regular Session | Introduced
Bill Title: Relating To The Department Of Hawaiian Home Lands.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (N/A) 2025-01-10 - Pending Introduction. [SB152 Detail]
Download: Hawaii-2025-SB152-Introduced.html
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THE SENATE |
S.B. NO. |
152 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the department of hawaiian home lands.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
The legislature further finds that the department of Hawaiian home lands is an eligible borrower of loans guaranteed by the United States Department of Housing and Urban Development pursuant to section 184A of the Housing and Community Development Act of 1992, as amended. However, existing provisions in the Hawaiian Homes Commission Act, 1920, as amended, only authorizes the department of Hawaiian home lands to pledge receivables of loan accounts outstanding as collateral to secure loans made by government agencies or private lending institutions to the department. Additionally, proceeds used by the department of Hawaiian home lands are restricted to the creation of new loans for lessees or to finance the development of available lands for purposes permitted by the Hawaiian Homes Commission Act, 1920, as amended. Existing provisions stipulate that any loan agreement entered into by the department of Hawaiian home lands require a provision that moneys borrowed are not secured directly or indirectly by the full faith and credit or the general credit of the State, or by any revenues or taxes of the State other than the receivables specifically pledged to repay the loan.
Therefore, the purpose of this Act is to further the department of Hawaiian home lands' constitutional mandate by authorizing the department to use funds in the dwelling unit revolving fund as collateral when acting as an eligible borrower for a loan guaranteed by the Housing and Community Development Act of 1992, as amended.
SECTION 2. Section 201H-191, Hawaii Revised Statutes, is amended to read as follows:
"§201H-191 Dwelling unit revolving fund. (a) 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 regional state infrastructure programs, and for carrying out the purposes of housing development programs and regional state infrastructure programs, including but not limited to the expansion of community facilities and regional state infrastructure constructed in conjunction with housing and mixed-use transit-oriented development 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.
(b) Subject to the requirements of subsection (a), proceeds in the revolving fund may be used to establish and operate regional state infrastructure subaccounts pursuant to section 201H-191.5.
(c) Notwithstanding the provisions of the Hawaiian Homes Commission Act, 1920, as amended, the department of Hawaiian home lands may utilize the dwelling unit revolving fund as collateral when acting as an eligible borrower of a loan guaranteed by the United States Department of Housing and Urban Development pursuant to section 184A of the Housing and Community Development Act of 1992, as amended, to develop residential homestead lots and housing units, subject to the approval of the corporation."
SECTION 3. There is appropriated out of the general
revenues of the State of Hawaii the sum of $75,000,000 or so much
thereof as may be necessary for fiscal year 2025-2026 and the same sum
or so much thereof as may be necessary for fiscal year 2026-2027 to
be deposited into the dwelling unit revolving fund.
SECTION 4. There is appropriated out of the
dwelling unit revolving fund the sum of $75,000,000 or so much thereof as may
be necessary for fiscal year 2025-2026 and the same sum or so much
thereof as may be necessary for fiscal year 2026-2027
for the department of Hawaiian home lands to utilize the dwelling unit
revolving fund as collateral when acting as an eligible borrower of a loan
guaranteed by the United States Department of Housing and Urban Development
pursuant to section 184A of the Housing and Community Development Act of 1992,
as amended, to develop residential homestead lots and housing units, subject to
approval of the Hawaii housing finance and development corporation.
The
sums appropriated shall be expended by the Hawaii housing finance and
development corporation for the purposes of this Act.
SECTION 5. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2025.
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INTRODUCED BY: |
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Report Title:
HHFDC; DHHL; DURF; Collateral; Loans; Residential Homestead Lots; Housing
Description:
Authorizes the Department of Hawaiian Home Lands to utilize funds in the Dwelling Unit Revolving Fund as collateral when DHHL is an eligible borrower of a loan guaranteed by the United States Department of Housing and Urban Development pursuant to the Housing and Community Development Act, as amended, subject to approval of the Hawaii Housing Finance and Development Corporation. Appropriates funds.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
