Bill Text: HI SB2026 | 2018 | Regular Session | Introduced
Bill Title: Relating To Affordable Housing.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2018-01-19 - Referred to HOU, WAM. [SB2026 Detail]
Download: Hawaii-2018-SB2026-Introduced.html
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THE SENATE |
S.B. NO. |
2026 |
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TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Relating to affordable housing.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that affordable housing is a serious concern for many Hawaii residents. Average rents in Hawaii increased by forty-five per cent from 2005 to 2012, while average wages increased by twenty-one per cent. This has made it difficult for working families to find housing that is not a cost burden, defined as housing that costs more than thirty per cent of income. Over half of all renter households are cost-burdened in Hawaii, the second highest rate in the country. The lack of initiatives by the State and counties to create affordable housing units has aggravated the problem.
The legislature further finds that more housing units must be constructed to meet the growing demand for affordable housing. The legislature also finds that government land is available for housing, but infrastructure is insufficient in many areas, including for transit-oriented development. It is projected that meeting long-term housing goals will require 64,000 new housing units by 2025, and of that total, 22,200 households of all income levels will require rental units. The legislature notes that Act 127, Session Laws of Hawaii 2016, was enacted with a goal to develop or vest the development of at least 22,500 affordable residential rental units by 2026, and that funding is a key component of meeting these construction goals.
The purpose of this Act is to authorize the issuance of general obligation bonds, revenues from which are to be deposited into the dwelling unit revolving fund and rental housing revolving fund, to increase the inventory of affordable housing, especially for low-income individuals and working families.
SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $2,000,000,000 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 2018-2019 for the purpose of developing affordable housing and to be distributed as follows:
(1) Dwelling unit revolving fund $ ; and
(2) Rental housing revolving fund $ ;
provided that the sum appropriated shall be used for projects or units in projects that are for persons and families with incomes at or below one hundred forty per cent of the area median family income.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 3. The appropriation made for the capital improvement project authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2020, shall lapse as of that date.
SECTION 4. This Act shall take effect on July 1, 2018.
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INTRODUCED BY: |
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Report Title:
Affordable Housing; General Obligation Bonds; Appropriation
Description:
Authorizes the issuance of general obligation bonds to fund the construction of affordable housing development projects.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
