Bill Text: HI HB1753 | 2022 | Regular Session | Introduced
Bill Title: Relating To The Rental Housing Revolving Fund.
Spectrum: Partisan Bill (Democrat 32-0)
Status: (Engrossed - Dead) 2022-03-15 - The committee on HOU deferred the measure. [HB1753 Detail]
Download: Hawaii-2022-HB1753-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1753 |
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THIRTY-FIRST LEGISLATURE, 2022 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the rental housing revolving fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that adequate staffing is necessary to improve the production of affordable housing in the State. While there has been increased demand and interest by developers to utilize the Hawaii housing and finance development corporation's financing programs, there are insufficient funds to cover the costs of administering those programs and attracting and retaining qualified personnel, commensurate with other state housing finance agencies.
The legislature further finds that the rental housing revolving fund is funded by general obligation bonds appropriated by the legislature, conveyance taxes, loan application fees, and money from other sources. Specifically authorizing the use of funds for housing finance staff will help address stakeholder concerns about the timely processing and closing on loans associated with the rental housing revolving fund.
The purpose of this Act is to allow the Hawaii housing and finance development corporation greater flexibility to use the funds in the rental housing revolving fund for necessary expenses in administering the corporation's housing finance programs.
SECTION 2. Section 201H-202, Hawaii Revised Statutes, is amended by amending subsections (b) and (c) to read as follows:
"(b) An amount from the fund, to be set by the
corporation and authorized by the legislature, may be used for administrative
expenses incurred by the corporation in administering the [fund;] corporation's
housing finance programs; provided that fund moneys may not be used to
finance day-to-day administrative expenses of projects allotted fund moneys.
(c) The following may be deposited into the fund: appropriations made by the legislature, conveyance taxes pursuant to section 247-7, private contributions, repayment of loans, interest, other returns, and moneys from other sources."
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, 2022.
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INTRODUCED BY: |
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Report Title:
Rental Housing Revolving Fund; Hawaii Housing Finance and Development Corporation
Description:
Allows HHFDC greater flexibility to use the funds in the rental housing revolving fund for necessary expenses in administering the corporation's housing finance programs.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
