THE SENATE

S.B. NO.

861

THIRTY-SECOND LEGISLATURE, 2023

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO HOUSING SAVINGS ACCOUNTS.

 

 

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

 


     SECTION 1.  (a)  The legislative reference bureau shall propose a system for the establishment and implementation of a housing savings account program for the State, and shall evaluate and study the viability of its proposed system.

     (b)  The information reported on the proposed housing savings account system shall consist of:

     (1)  Contributions of an employee; and

     (2)  Contributions of an employer matched to the contributions of an employee.

     (c)  Funds contributed under the proposal for a housing savings account system shall be utilized for the following purposes:

     (1)  Downpayments;

     (2)  Mortgage payments;

     (3)  Rent;

     (4)  Security deposits; and

     (5)  Any other lawful purpose.

     (d)  The study shall consider the following:

     (1)  Problems or barriers to the implementation of a housing savings account system;

     (2)  Attitudes and concerns among residents and employees in the State regarding a housing savings account system;

     (3)  Components required for a housing savings account to be feasible in the State;

     (4)  The feasibility of including independent contractors in the housing savings account system;

     (5)  A mechanism that exempts moneys in the housing savings account from an individual's total assets as calculated under title 24 Code of Federal Regulations section 5.609 in order to prevent those in public housing from being disqualified from those programs; and

     (6)  Any other matters deemed necessary or relevant to the study.

     (e)  The legislative reference bureau shall submit a report of its proposal, findings, and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2024.

     SECTION 2.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Housing Savings Account System; Legislative Reference Bureau; Study

 

Description:

Directs the Legislative Reference Bureau to conduct a study of a housing savings account system.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.