Bill Text: HI SB2472 | 2018 | Regular Session | Amended
Bill Title: Relating To Housing.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Engrossed - Dead) 2018-04-26 - Conference committee meeting to reconvene on 04-27-18 2:00PM in conference room 325. [SB2472 Detail]
Download: Hawaii-2018-SB2472-Amended.html
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THE SENATE |
S.B. NO. |
2472 |
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TWENTY-NINTH LEGISLATURE, 2018 |
S.D. 2 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that homeownership is the primary factor in escaping poverty and that in the last fifty years, the number of full time residents in Hawaii who own homes in the State has steadily declined. Currently, Hawaii has the third lowest homeowner rate of any state in the nation.
The legislature further finds that Hawaii is experiencing the worst housing crisis in the State's history, and that action is necessary to increase the availability of all types of housing including full time resident homeownership housing. The department of business, economic development, and tourism projects that Hawaii will need 66,000 new housing units by 2025 to address the critical shortage of housing.
The purpose of this Act is to establish a home ownership housing revolving fund to provide for the development of affordable for-sale housing projects to facilitate greater homeownership opportunities for Hawaii residents.
SECTION 2. Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§201H- Home ownership housing revolving fund. (a)
There is established a home ownership housing revolving fund to be
administered by the corporation for the purpose of providing, in whole or in
part, loans or grants for affordable homeownership housing projects in the
following order of priority:
(1) Projects or
units in projects that are allocated low-income housing credits pursuant to the
state housing credit ceiling under section 42(h) of the Internal Revenue Code
of 1986, as amended, or projects or units in projects that are funded by
programs of the United States Department of Housing and Urban Development,
United States Department of Agriculture Rural Development, and United States
Department of Treasury Community Development Financial Institutions Fund
wherein:
(A) At
least fifty per cent of the available units are reserved for persons and
families with incomes at or below eighty per cent of the median family income
and of which at least five per cent of the available units are for persons and
families with incomes at or below thirty per cent of the median family income;
and
(B) The
remaining units are reserved for persons and families with incomes at or below
one hundred twenty per cent of the median family income;
provided that the
corporation may establish rules pursuant to chapter 91 to ensure full occupancy
of projects that receive assistance under this section; and
(2) Mixed-income
affordable for-sale housing projects or units in a mixed-income affordable
for-sale housing project wherein all of the available units are reserved for
persons and families with incomes at or below one hundred forty per cent of the
median family income.
(b) Moneys in the fund shall be used to provide
loans or grants for the development, pre-development, construction,
acquisition, preservation, and substantial rehabilitation of affordable
for-sale housing units. Uses of moneys
in the fund may include but are not limited to planning, design, land
acquisition, costs of options, agreements of sale, down payments, 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 an affordable for-sale housing project financed under the fund is refinanced
or sold at a later date. The rules may
also provide that money from the fund shall be leveraged with other financial
resources to the extent possible.
(c) The fund may include sums appropriated by the
legislature, private contributions, repayment of loans, interest, other
returns, and moneys from other sources.
(d) 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; provided that
moneys in the fund shall not be used to finance day-to-day administrative
expenses of projects allotted moneys from the fund.
(e) The corporation may provide loans and grants
under this section; provided that the corporation shall establish loan-to-value
ratios, not to exceed one hundred per cent, to protect the fund from inordinate
risk; provided further that the underwriting guidelines include a debt-coverage
ratio of not less than one to one.
(f) The corporation shall submit a report to the
legislature no later than twenty days prior to the convening of each regular
session describing the projects funded and, with respect to affordable for-sale
housing projects targeted for persons and families with incomes at or below
thirty per cent of the median family income, the corporation's efforts to
develop those housing projects, a description of proposals submitted for this
target group and action taken on the proposals, and any barriers to developing
affordable for-sale housing units for this target group.
(g) For the purposes of this section, the median family income shall be the median family income for the county or standard metropolitan statistical area in which the affordable for-sale housing project is located as determined by the United States Department of Housing and Urban Development, as adjusted."
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2018-2019 to be deposited into the home ownership housing revolving fund.
SECTION 4. There is appropriated out of the home ownership housing revolving fund the sum of $ or so much thereof as may be necessary for fiscal year 2018-2019 for loans and grants to be used for the development of affordable for-sale housing projects.
The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.
SECTION 5. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2050.
Report Title:
Housing; Home Ownership Housing Revolving Fund; Housing Shortage; Appropriation
Description:
Establishes the Homeownership Housing Revolving Fund to provide loans or grants for affordable housing projects or units in projects that are allocated low-income housing credits or that are funded by certain federal programs or agencies. Makes an appropriation into and out of the fund. (SB2472 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
