REPORT TITLE:
Housing Loan/Mortgage Prog.


DESCRIPTION:
Increases the amount of revenue bonds which the housing and
community development corporation is authorized to issue for
housing loan programs.  (HB1017 CD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1017
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                S.D. 2
STATE OF HAWAII                                            C.D. 1
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM.



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

 1      SECTION 1.  The legislature finds that under the Hula Mae
 
 2 single family mortgage purchase program, the housing and
 
 3 community development corporation of Hawaii is authorized to
 
 4 issue tax-exempt mortgage revenue bonds and make funds available
 
 5 through mortgage lenders at affordable interest rates to
 
 6 households with low to moderate incomes.  As of June 30, 1998,
 
 7 over eight thousand first-time home buyers have been provided
 
 8 mortgages through the Hula Mae program.  In 1997 and 1998,
 
 9 lenders and private developers requested over $1,000,000,000 of
 
10 Hula Mae funds, yet only approximately $283,000,000 was actually
 
11 available for lending.
 
12      The legislature finds that authorizing the issuance of
 
13 additional revenue will assist the Hula Mae program.  
 
14      The purpose of this Act is to authorize the housing and
 
15 community development corporation of Hawaii to issue up to
 
16 $2,275,000,000 in tax-exempt revenue bonds for the Hula Mae
 
17 single family mortgage purchase program.
 
18      SECTION 2.  Section 7 of Act 50, Session Laws of Hawaii
 
19 1979, as amended by section 3 of Act 288, Session Laws of Hawaii
 
20 1980, section 2 of Act 13, First Special Session Laws of Hawaii
 

 
Page 2                                                     1017
                                     H.B. NO.           H.D. 1
                                                        S.D. 2
                                                        C.D. 1

 
 1 1981, section 1 of Act 224, Session Laws of Hawaii 1984, section
 
 2 1 of Act 171, Session Laws of Hawaii 1991, and section 1 of Act
 
 3 1, Special Session Laws of Hawaii 1995, is amended to read as
 
 4 follows:
 
 5      "SECTION 7.  Issuance of revenue bonds; amount authorized.
 
 6 Revenue bonds may be issued by the housing [fin] and community
 
 7 development corporation of Hawaii pursuant to part III, chapter
 
 8 39, and subpart B of part [II] III of chapter [201E,] 201G,
 
 9 Hawaii Revised Statutes, in an aggregate principal amount not to
 
10 exceed [$1,775,000,000] $2,275,000,000 at such times and in such
 
11 amounts as it deems advisable for the purpose of undertaking and
 
12 maintaining any of its housing loan programs in subpart B of part
 
13 [II] III of chapter [201E,] 201G, Hawaii Revised Statutes,
 
14 relating to the funding or purchasing of eligible loans."
 
15      SECTION 3.  Statutory material to be repealed is bracketed.
 
16 New statutory material is underscored.
 
17      SECTION 4.  This Act shall take effect upon its approval.