Report Title:

Housing Loan and Mortgage Programs

Description:

Increases the bond authorization amount under the Hula Mae Multi-Family Housing Program from $200,000,000 to $250,000,000 to facilitate the development or rehabilitation of affordable rental housing projects. (SD1)

THE SENATE

S.B. NO.

2926

TWENTY-SECOND LEGISLATURE, 2004

S.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAMS.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. There is a substantial need for affordable rental housing throughout the State of Hawaii. Resources to finance the development or rehabilitation of affordable rental housing projects are limited; thus, there is a growing demand for financing under the Hula Mae multi-family program. Under the program, the housing and community development corporation of Hawaii is authorized to issue up to $200,000,000 in tax-exempt revenue bonds to provide below market rate interim or permanent financing to developers or owners of affordable rental housing projects. The purpose of this Act is to increase the bond authorization amount by an additional $50,000,000.

SECTION 2. Act 291, Session Laws of Hawaii 1980, section 11, as amended by Act 304, Session Laws of Hawaii 1996, section 1, is amended to read as follows:

"SECTION 11. Issuance of revenue bond; amount authorized. Revenue bonds may be issued by the housing [finance] and community development corporation of Hawaii pursuant to part III, chapter 39 and subpart B of part [II] III of chapter [201E,] 201G, Hawaii Revised Statutes, in an aggregate principal amount not to exceed [$200,000,000] $250,000,000 at such times and in such amounts as the housing [finance] and community development corporation of Hawaii deems advisable for the purpose of undertaking and maintaining any of the housing loan programs under subpart B of part [II] III of chapter [201E,] 201G, Hawaii Revised Statutes, relating to the funding or purchasing of eligible project loans."

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2020.