Bill Text: HI SB2800 | 2014 | Regular Session | Amended
Bill Title: Housing; Hula Mae Multifamily Revenue Bonds
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2014-03-06 - Referred to HSG, FIN, referral sheet 28 [SB2800 Detail]
Download: Hawaii-2014-SB2800-Amended.html
|
THE SENATE |
S.B. NO. |
2800 |
|
TWENTY-SEVENTH LEGISLATURE, 2014 |
S.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the affordable housing crisis continues to be one of the State's most significant and challenging social problems and is a critical issue for many Hawaii residents. As the cost of housing increases, the State must continue to assist residents in obtaining affordable housing.
The legislature further finds that the housing loan and mortgage program, familiarly known as the hula mae multifamily revenue bond program, is an effective and widely used financing tool for the development and preservation of affordable rental housing. Since its inception, twenty series of bonds, including one refunding series, totaling $418,244,699 have been issued to assist in the financing of 3,172 units statewide. In 2013, additional requests for another $236,284,974 in hula mae multifamily bonds authorization were submitted.
The purpose of this Act is to ensure that the hula mae multifamily bond program can continue to finance the development and preservation of affordable rental housing in future years by increasing the hula mae multifamily revenue bond authorization from $750,000,000 to $ .
SECTION 2. Act 291, Session Laws of Hawaii 1980, as amended by section 1 of Act 304, Session Laws of Hawaii 1996, section 2 of Act 185, Session Laws of Hawaii 2004, section 2 of Act 231, Session Laws of Hawaii 2007, section 2 of Act 121, Session Laws of Hawaii 2008, and section 2 of Act 138, Session Laws of Hawaii 2012, is amended by amending section 11 to read as follows:
"SECTION 11. Issuance of revenue bond;
amount authorized. Revenue bonds may be issued by the Hawaii housing
finance and development corporation pursuant to part III, chapter 39 and
subpart A of part III of chapter 201H, Hawaii Revised Statutes, in an aggregate
principal amount not to exceed [$750,000,000] $
at such times and in such amounts as the Hawaii housing finance and development
corporation deems advisable for the purpose of undertaking and maintaining any
of the housing loan programs under subpart A of part III of chapter 201H, Hawaii
Revised Statutes, relating to the funding or purchasing of eligible project
loans."
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:
Housing; Hula Mae Multifamily Revenue Bonds
Description:
Increases the Hula Mae Multifamily Revenue Bond authorization amount. Effective 07/01/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
