THE SENATE	S.B. NO.	2944
TWENTY-NINTH LEGISLATURE, 2018
STATE OF HAWAII

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 there is a serious need to develop affordable housing to address the statewide shortage.  According to a survey conducted by the department of business, economic development, and tourism, roughly two-thirds of housing demand in the State is needed for individuals and families who are at or below eighty per cent the area median income.  Additionally, according to the Hawaii interagency council for transit-oriented development strategic plan, the significant cost of improving, upgrading, or constructing public infrastructure systems such as roads, sewer, drainage, and water is a key impediment to transit-oriented development.  The legislature recognizes that the dwelling unit revolving fund established under section 201H-191, Hawaii Revised Statutes, can be used for housing development programs and regional state infrastructure programs.

     The purpose of this Act is to create needed housing by authorizing the issuance of general obligation bonds to finance various housing development and regional state infrastructure programs of the Hawaii housing finance and development corporation to address the State's housing shortage.

     SECTION 2.  The director of finance is authorized to issue general obligation bonds in the sum of $100,000,000 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 2018-2019 for deposit into the dwelling unit revolving fund.

     SECTION 3.  There is appropriated out of the dwelling unit revolving fund the sum of $100,000,000 or so much thereof as may be necessary for fiscal year 2018-2019 for the purposes specified in section 201H-191, Hawaii Revised Statutes.

     The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.

     SECTION 4.  The appropriation made for the capital improvement 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, 2020, shall lapse as of that date.

     SECTION 5.  This Act shall take effect on July 1, 2018.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Affordable Housing; Dwelling Unit Revolving Fund

 

Description:

Authorizes the issuance of general obligation funds to be appropriated to the Dwelling Unit Revolving Fund to allow the Hawaii housing finance and development corporation to finance various housing development and infrastructure projects.

 

 

 

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