Bill Text: HI SB2566 | 2016 | Regular Session | Introduced
Bill Title: Rental Housing Revolving Fund; Rental Assistance Revolving Fund; Transfer
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Passed) 2016-06-30 - Act 128, on 06/29/2016 (Gov. Msg. No. 1230). [SB2566 Detail]
Download: Hawaii-2016-SB2566-Introduced.html
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THE SENATE |
S.B. NO. |
2566 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
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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 purpose of this Act is to provide capital for the development of affordable rental housing.
More specifically, this Act transfers excess moneys from the dwelling unit revolving fund, established pursuant to section 201H-191, Hawaii Revised Statutes, and rental assistance revolving fund, established pursuant to section 201H-123, Hawaii Revised Statutes, to the rental housing revolving fund, established pursuant to section 201H-202, Hawaii Revised Statutes.
The legislature finds that more affordable rental housing is needed by the people of Hawaii. The rental housing revolving fund is the main source of capital from the State for affordable rental housing projects. Thus, the legislature finds that the rental housing revolving fund should be augmented to enable the development of more affordable rental housing projects.
The legislature further finds that both the dwelling unit revolving fund and rental assistance revolving fund have balances in excess of the immediate needs of the funds. Furthermore, the dwelling unit revolving fund provides capital for market-priced and fee simple housing, and the legislature finds that, at least for the immediate future, the public policy priority should be affordable rental housing rather than market-priced or fee-simple housing. The rental assistance revolving fund is not particularly robust, and the legislature finds that its proceeds should be transferred to the rental housing revolving fund.
SECTION 2. On July 1, 2016, $20,000,000 from the dwelling unit revolving fund, shall be transferred to the rental housing revolving fund.
The legislature finds that the transferred amount is in excess of the immediate needs of the dwelling unit revolving fund.
SECTION 3. On July 1, 2016, $9,500,000 from the rental assistance revolving fund shall be transferred to the rental housing revolving fund.
The legislature finds that the transferred amount is in excess of the immediate needs of the rental assistance revolving fund.
SECTION 4. The director of finance shall effectuate the transfers required by sections 2 and 3.
SECTION 5. This Act shall take effect on July 1, 2016.
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INTRODUCED BY: |
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Report Title:
Rental Housing Revolving Fund; Transfers
Description:
Transfers excess moneys from the dwelling unit revolving fund and rental assistance revolving fund to the rental housing revolving fund.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
