Bill Text: HI SR50 | 2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Enable Credit Enhancement For Construction Loans Under Any Funds Administered By The Corporation.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Passed) 2024-05-31 - Certified copies of resolution sent, 05-31-24 [SR50 Detail]

Download: Hawaii-2024-SR50-Introduced.html

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THE SENATE	S.R. NO.	50
THIRTY-SECOND LEGISLATURE, 2024
STATE OF HAWAII

SENATE RESOLUTION

 

 

Requesting the Hawaii housing finance and development corporation to adopt administrative rules to enable credit enhancement for construction loans under the rental housing revolving fund.

 

 

     WHEREAS, the State has extremely high housing development costs, which have worsened in light of currently high interest rates; and

 

     WHEREAS, these costs put added strain on housing developers; and

 

     WHEREAS, these costs are ultimately passed on to housing residents; and

 

     WHEREAS, allowing the Rental Housing Revolving Fund to provide credit enhancement for construction loans will reduce the related financing costs and therefore development costs; and

 

     WHEREAS, the Hawaii Housing Finance and Development Corporation is intimately involved in the underwriting and funding of the construction loan takeout financing, and as such, allowing credit enhancement will pose little risk to the Rental Housing Revolving Fund; now, therefore,

 

     BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Hawaii Housing Finance and Development Corporation is requested to adopt administrative rules to enable credit enhancement for construction loans under the Rental Housing Revolving Fund; and

 

     BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Executive Director of the Hawaii Housing Finance and Development Corporation and the Chairperson of the Board of Directors for the Hawaii Housing Finance and Development Corporation.

 

 

 

	OFFERED BY:	_____________________________

 

 

 

Report Title: 

HHFDC; RHRF; Credit Enhancement for Construction Loans; Housing; Affordable Housing; Rules