Bill Text: HI HB1595 | 2014 | Regular Session | Amended
Bill Title: Low-Income Housing Tax Credit Loan; GO Bonds; Construction Industry Task Force ($)
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-01-30 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with Hanohano, Jordan voting aye with reservations; none voting no (0) and McDermott, Takai, Woodson excused (3). [HB1595 Detail]
Download: Hawaii-2014-HB1595-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1595 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO LOW-INCOME HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the need for low-income housing in the State has reached its peak and that the construction industry, which is one of the primary driving forces in the State's economy, is in dire need of alternative financing mechanisms to enable it to undertake and complete low-income housing projects. Authorizing interest-free loans for the construction industry in exchange for a waiver of certain state tax credits provides an optimal solution to the affordable housing crisis in the State and also helps the State's economy by providing local employment opportunities to those in the construction industry.
In response to a recommendation by the construction industry task force in 2009, the legislature enacted the language codified as section 201H-86, Hawaii Revised Statutes, which provides for a low-income housing tax credit loan program to allow owners of qualified low-income buildings to receive a no interest loan from the State in lieu of claiming the low-income housing tax credit.
The purpose of this Act is to provide funding for the low-income housing tax credit loan program through taxable general obligation bonds.
SECTION 2. The director of finance is authorized to issue taxable general obligation bonds in the sum of $ 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 2014-2015 for the purpose of funding low-income housing tax credit loans made pursuant to section 201H-86, Hawaii Revised Statutes.
SECTION 3. The appropriation made for the 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, 2016, shall lapse as of that date.
SECTION 4. The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 5. This Act shall take effect on July 1, 2525.
Report Title:
Low-Income Housing Tax Credit Loan; GO Bonds; Construction Industry Task Force
Description:
Authorizes the issuance of taxable general obligation bonds and appropriates bond proceeds to fund low-income housing tax credit loans. Effective July 1, 2525. (HB1595 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
