Bill Text: HI SB2077 | 2024 | Regular Session | Amended
Bill Title: Relating To The Dwelling Unit Revolving Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-14 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to JDC/WAM. [SB2077 Detail]
Download: Hawaii-2024-SB2077-Amended.html
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THE SENATE |
S.B. NO. |
2077 |
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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 DWELLING UNIT REVOLVING FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§201H- Interim construction subaccount. (a) The corporation shall
establish and operate an interim construction subaccount within the dwelling
unit revolving fund established pursuant to section 201H-191 to be used for the
interim financing of new construction projects pursuant to section 201H‑43.
(b) Funds from the subaccount shall be prioritized for projects that are on
state- or county-owned lands; provided that for units in for-sale projects, the
units shall be made available only to qualified residents.
(c) The corporation shall adopt rules in accordance with chapter 91 for the
purpose of this section.
(d) As used in this section,
"qualified resident" has the same meaning as in section 201H-32."
SECTION 2. Section 201H-43, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation may provide interim construction loans to eligible developers. In addition to the rate of interest charged on interim loans, the corporation may charge loan commitment fees to be determined by rules adopted by the corporation. Loans made from the interim construction subaccount shall be subject to the provisions of section 201H- ."
SECTION 3. Section 201H-191, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Subject to the requirements of subsection
(a), proceeds in the revolving fund may be used to establish and operate regional
state infrastructure subaccounts pursuant to section 201H-191.5[.] and
the interim construction subaccount pursuant to section 201H- ."
SECTION 4. The director of finance is authorized to issue general obligation bonds in the sum of $30,000,000 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 2024-2025 to be deposited into the interim construction subaccount of the dwelling unit revolving fund for the purpose of interim financing for new construction projects pursuant to section 201H-43, Hawaii Revised Statutes.
SECTION 5. The appropriation made by this Act shall not lapse at the end of the fiscal year for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2026, shall lapse as of that date.
SECTION 6. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 7. This Act shall take effect on July 1, 2024.
Report Title:
Housing; Dwelling Unit Revolving Fund; Interim Construction; GO Bonds; Appropriation
Description:
Establishes an Interim Construction Subaccount within the Dwelling Unit Revolving Fund to be used for the interim financing of new construction projects under section 201H-43, HRS, prioritizing projects located on state- or county-owned lands; provided that, for units in for-sale projects, the units shall be made available only to qualified residents. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
