HOUSE OF REPRESENTATIVES

H.B. NO.

660

TWENTY-NINTH LEGISLATURE, 2017

H.D. 2

STATE OF HAWAII

S.D. 1

 

 

 

 

 

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.  Section 201H-191, Hawaii Revised Statutes, is amended to read as follows:

     "§201H-191  Dwelling unit revolving fund.  (a)  There is created a dwelling unit revolving fund.  The funds appropriated for the purpose of the dwelling unit revolving fund and all moneys received or collected by the corporation for the purpose of the revolving fund shall be deposited in the revolving fund.  The proceeds in the revolving fund shall be used to reimburse the general fund to pay the interest on general obligation bonds issued for the purposes of the revolving fund, for the necessary expenses in administering housing development programs and regional state infrastructure programs, and for carrying out the purposes of housing development programs and regional state infrastructure programs, including but not limited to the expansion of community facilities and regional state infrastructure constructed in conjunction with housing and mixed-use transit-oriented development projects, permanent primary or secondary financing, and supplementing building costs, federal guarantees required for operational losses, and all things required by any federal agency in the construction and receipt of federal funds or lowincome housing tax credits for housing projects.

     (b)  Subject to the requirements of subsection (a), proceeds in the revolving fund may be used to establish and operate regional state infrastructure subaccounts pursuant to section 201H-191.5.

     (c)  There is established within the dwelling unit revolving fund, an infrastructure development loan subaccount, into which shall be deposited:

     (1)  Appropriations from the legislature;

     (2)  Moneys received as repayments of loans; and

     (3)  Investment earnings.

     The corporation shall expend moneys from the infrastructure development loan subaccount for loans to developers to finance costs of the infrastructure of housing development projects.  The corporation shall adopt rules pursuant to chapter 91 to establish application procedures, acceptance criteria, and terms and conditions for infrastructure development loans."

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $50,000,000 or so much thereof as may be necessary for fiscal year 2017-2018 for deposit into the infrastructure development loan subaccount of the dwelling unit revolving fund.

     SECTION 3.  There is appropriated out of the infrastructure development loan subaccount of the dwelling unit revolving fund the sum of $50,000,000 or so much thereof as may be necessary for fiscal year 2017-2018 for infrastructure development loans.

     The sums appropriated shall be expended by the Hawaii housing finance and development corporation 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; Subaccount; Loans; Infrastructure Development; Hawaii Housing Finance and Development Corporation; Appropriation

 

Description:

Establishes the infrastructure development loan subaccount within the dwelling unit revolving fund to make loans to developers to finance the costs of the infrastructure of housing developments.  Appropriates funds.  Effective 7/1/2030.  (SD1)

 

 

 

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