Bill Text: HI SB211 | 2018 | Regular Session | Introduced
Bill Title: Relating To Housing.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2017-11-30 - Carried over to 2018 Regular Session. [SB211 Detail]
Download: Hawaii-2018-SB211-Introduced.html
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THE SENATE |
S.B. NO. |
211 |
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TWENTY-NINTH LEGISLATURE, 2017 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to housing.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that there is a serious need to develop affordable rental housing in Hawaii to meet the needs of individuals and families who are homeless or at risk of becoming homeless. Addressing these needs will be a challenge because of the sheer number of units needed to meet demand and the various barriers that can prevent development and preservation of affordable housing.
The legislature further finds that the rental housing revolving fund provides loans to fill financing gaps to enable the development, preservation, or rehabilitation of affordable rental housing projects, including projects consisting of housing units for persons and families at or below one hundred per cent, eighty per cent, and thirty per cent of the median family income. By creating a stable housing environment through the construction of housing for individuals and families who are homeless or at risk of becoming homeless, other issues can be addressed that impact the homeless, such as employment, job training, and health care.
The purpose of this Act is to authorize the issuance of general obligation bonds to be deposited into the rental housing revolving fund to increase the inventory of affordable rental housing, especially for low-income individuals and families who are homeless or at risk of becoming homeless.
SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $64,000,000 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 2017-2018 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 the sum of $64,000,000 or so much thereof as may be necessary for fiscal year 2017-2018 for the purposes set forth in section 201H-202, Hawaii Revised Statutes; provided that:
(1) $32,000,000 shall be used for projects or units in projects that are for persons and families with incomes at or below thirty per cent of the median family income;
(2) $16,000,000 shall be used for projects or units in projects that are for persons and families with incomes at or below fifty per cent of the median family income; and
(3) $16,000,000 shall be used for projects or units in projects that are for persons and families with incomes at or below eighty per cent of the median family income;
provided further that modular housing may be considered as a possible housing option.
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, 2017.
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INTRODUCED BY: |
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Report Title:
Rental Housing Revolving Fund; General Obligation Bonds; Appropriation
Description:
Authorizes the issuance of general obligation bonds and the appropriation of funds for deposit into the rental housing revolving fund to finance affordable rental housing development.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
