Bill Text: HI SB363 | 2019 | Regular Session | Introduced

Hawaii Senate Bill 363 (Prior Session Legislation)

Introduced

Bill Title: Relating To Affordable Housing.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2019-01-22 - Referred to HOU, WAM. [SB363 Detail]

Download: Hawaii-2019-SB363-Introduced.html

THE SENATE	S.B. NO.	363
THIRTIETH LEGISLATURE, 2019
STATE OF HAWAII

A BILL FOR AN ACT

relating to affordable housing.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to part III to be appropriately designated and to read as follows:

"§201H- Affordable housing revolving fund. (a) There is established the affordable housing revolving fund to be administered by the corporation.

(b) The following may be deposited into the fund: appropriations made by the legislature; private contributions; repayment or payment of loans, interest, fees, premiums, and charges from community development financial institutions; other returns; and moneys from other sources.

(c) The fund shall be used to provide community development financial institutions with capital at a low-interest rate for the purposes of relending to developers of affordable housing projects serving households with an income at or below one hundred per cent of the area median income; provided that the interest rate charged on the loan by the corporation to a community development financial institution shall not exceed two per cent; provided further that the minimum term of the loan by the corporation to a community development financial institution shall be no less than thirty years."

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $25,000,000 or so much thereof as may be necessary for fiscal year 2019-2020 and the same sum or so much thereof as may be necessary for fiscal year 2020-2021 for deposit into the affordable housing revolving fund established pursuant to section 201H- , Hawaii Revised Statutes.

SECTION 3. There is appropriated out of the affordable housing revolving fund the sum of $25,000,000 or so much thereof as may be necessary for fiscal year 2019-2020 and the same sum or so much thereof as may be necessary for fiscal year 2020-2021 for the purposes set forth in section 201H- , Hawaii Revised Statutes.

The sums appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.

SECTION 4. New statutory material is underscored.

SECTION 5. This Act shall take effect on July 1, 2019.

INTRODUCED BY:	_____________________________

Report Title:

Affordable Housing Revolving Fund; Establishment; Appropriation

Description:

Establishes and appropriates funds for the affordable housing revolving fund to provide community development financial institutions with capital to lend to developers of affordable housing projects, under certain conditions.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.