SB2708 HD1

Report Title:

Affordable Housing; Buyback Requirement Waiver

 

Description:

Allows HCDCH to waive the three-year buyback requirement and use restrictions for affordable housing until December 31, 2004. (SB2708 HD1)

THE SENATE	S.B. NO.	2708
TWENTY-FIRST LEGISLATURE, 2002		S.D. 1
STATE OF HAWAII		H.D. 1

A BILL FOR AN ACT

 

RELATING TO THE HOUSING AND COMMUNITY DEVELOPMENT CORPORATION OF HAWAII.

 

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

SECTION 1. The purpose of this Act is to stimulate the development of affordable housing by authorizing the housing and community development corporation of Hawaii (HCDCH) to waive the HCDCH three-year buyback provision in section 201G-127, and the use restrictions in section 201G-129, until December 31, 2004, at which time the buyback returns to ten years as provided by Act 99, Session Laws of Hawaii 2001.

SECTION 2. Notwithstanding section 201G-130, the housing and community development corporation of Hawaii is authorized to waive:

(1) The buyback restrictions set forth in section 201G-127(a) and 201G-127(b); and

(2) The restrictions on use of real property purchased under chapter 201G set forth in section 201G-129(a); provided that the waiver of use restrictions shall apply only to real property sold and purchased from the effective date of this Act.

SECTION 3. This Act shall take effect upon its approval and shall be repealed on December 31, 2004.