HOUSE OF REPRESENTATIVES

H.B. NO.

660

TWENTY-NINTH LEGISLATURE, 2017

H.D. 2

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO AN INFRASTRUCTURE DEVELOPMENT LOAN REVOLVING FUND.

 

 

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

 


     SECTION 1.  Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§201H-    Infrastructure development loan revolving fund.  (a)  There is established in the state treasury the infrastructure development loan revolving fund to be administered by the corporation for the purpose of making loans to developers to finance the costs of the infrastructure of qualified developments.

     (b)  The following shall be deposited into the infrastructure development loan revolving fund:

     (1)  Appropriations from the legislature;

     (2)  Moneys received as repayments of loans; and

     (3)  Investment earnings;

provided that the total amount of moneys in the fund shall not exceed $        .

     (c)  Within thirty days of the completion of the qualified development, a developer who receives a loan under this section shall provide written notification to the corporation of the date upon which the qualified development was completed.  Within one year after the date of notification of the development's completion, the corporation shall set:

     (1)  The commencement date for the repayment of the loan;

     (2)  A time period of more than twenty years for the repayment of the loan;

     (3)  The number of payments per year; and

     (4)  An annual interest rate of not more than the prime lending rate in effect at the time repayments are scheduled to commence.

     (d)  For the purposes of this section:

     "Infrastructure" includes water, drainage, sewer, waste disposal and waste treatment systems, roads, and street lighting and projects relating to that infrastructure.

     "Qualified development" means a development in which:

     (1)       per cent of the housing units in the development are rented to households with incomes at or below eighty per cent of the area median income as determined by the United States Department of Housing and Urban Development; or

     (2)       per cent of the housing units in the development are sold in fee simple to households with incomes at or below one hundred forty per cent of the area median income as determined by the United States Department of Housing and Urban Development."

     SECTION 2.  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 2017-2018 for deposit into the infrastructure development loan revolving fund.

     SECTION 3.  There is appropriated out of the infrastructure development loan revolving fund the sum of $         or so much thereof as may be necessary for fiscal year 2017-2018 and the same sum or so much thereof as may be necessary for fiscal year 2018-2019 to implement this Act.

     The sums appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

     SECTION 4.  New statutory material is underscored.

     SECTION 5.  This Act shall take effect on July 1, 2030.



 

Report Title:

Affordable Housing; Revolving Fund; Loans; Development Infrastructure Costs; Department of Business, Economic Development, and Tourism

 

Description:

Establishes the Infrastructure Development Loan Revolving Fund to make loans to developers to finance the costs of the infrastructure of affordable rental and fee simple housing developments.  Appropriates funds.  (HB660 HD2)

 

 

 

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