Bill Text: HI SB2043 | 2024 | Regular Session | Amended
Bill Title: Relating To The Rental Housing Revolving Fund.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced) 2024-02-06 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2043 Detail]
Download: Hawaii-2024-SB2043-Amended.html
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THE SENATE |
S.B. NO. |
2043 |
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THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 1 |
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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:
"(f) [If] For loans made prior to July
1, 2024, if the owner is not in default, the corporation may forgive the
amount remaining under [the] a no-interest loan to the owner of [the]
a qualified low-income building under this section after thirty
years."
SECTION 2. Section 201H-202, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:
"(d) The fund shall be used to provide loans or grants for the development, pre-development, construction, acquisition, preservation, and substantial rehabilitation of rental housing units. The corporation shall not forgive any loan made from the fund. Permitted uses of the fund may include but are not limited to planning, design, land acquisition, costs of options, agreements of sale, downpayments, equity financing, capacity building of nonprofit housing developers, or other housing development services or activities as provided in rules adopted by the corporation pursuant to chapter 91. The rules may provide for a means of recapturing loans or grants made from the fund if a rental housing project financed under the fund is refinanced or sold at a later date. The rules may also provide that moneys from the fund shall be leveraged with other financial resources to the extent possible."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
Report Title:
HHFDC; Rental Housing Revolving Fund; Loan Forgiveness; Prohibition
Description:
Prohibits the Hawaii Housing Finance and Development Corporation from forgiving certain loans made from the Rental Housing Revolving Fund. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
