HOUSE OF REPRESENTATIVES	H.B. NO.	1246
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII

A BILL FOR AN ACT

relating to housing.

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

SECTION 1. There is appropriated out of the general revenues of the State of Hawaii the sum of $65,000,000 or so much thereof as may be necessary for fiscal year 2023-2024 to be deposited into the dwelling unit revolving fund established by section 201H-191, Hawaii Revised Statutes.

SECTION 2. There is appropriated out of the dwelling unit revolving fund the sum of $65,000,000 or so much thereof as may be necessary for fiscal year 2023-2024 to carry out the purposes of the dwelling unit revolving fund.

The sum appropriated shall be expended by the Hawaii housing finance development corporation for the purposes of this Act; provided that the appropriation shall not lapse at the end of the fiscal year for which the appropriation is made; provided further that all moneys from the appropriation that are unencumbered as of June 30, 2025, shall lapse on that date.

SECTION 3. The director of finance is authorized to issue general obligation bonds in the sum of $50,000,000 or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2024-2025 to be deposited into the dwelling unit revolving fund established by section 201H-191, Hawaii Revised Statutes.

SECTION 4. There is appropriated out of the dwelling unit revolving fund the sum of $50,000,000 or so much thereof as may be necessary for fiscal year 2024-2025 for the purposes for which the revolving fund is established.

The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.

SECTION 5. There is appropriated out of the general revenues of the State of Hawaii the sum of $300,000,000 or so much thereof as may be necessary for fiscal year 2023-2024 to be deposited into the rental housing revolving fund established by section 201H-202, Hawaii Revised Statutes.

SECTION 6. There is appropriated out of the rental housing revolving fund the sum of $300,000,000 or so much thereof as may be necessary for fiscal year 2023-2024 to carry out the purposes of the rental housing revolving fund; provided that $150,000,000 may be used for projects or units in a mixed-income rental project for individuals and families with incomes above sixty per cent and at or below one hundred per cent of the median family income, as provided in section 201H-202(g), Hawaii Revised Statutes.

The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act; provided that any moneys unused and unencumbered as of June 30, 2024, may be used for other rental housing projects pursuant to section 201H‑202(e)(1), Hawaii Revised Statutes; provided further that the appropriation shall not lapse at the end of the fiscal year for which the appropriation is made; provided further that all moneys from the appropriation that are unencumbered as of July 20, 2025, shall lapse on that date.

SECTION 7. The director of finance is authorized to issue general obligation bonds in the sum of $200,000,000 or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2024-2025 to be deposited into the rental housing revolving fund established by section 201H-202, Hawaii Revised Statutes.

SECTION 8. There is appropriated out of the rental housing revolving fund established the sum of $200,000,000 or so much thereof as may be necessary for fiscal year 2024-2025 for the purposes for which the revolving fund is established; provided that $150,000,000 may be used for mixed income rental projects or units in mixed income rental projects targeted for individuals and families with incomes above sixty per cent and at or below one hundred per cent of the median family income as provided in section 201H-202(g), Hawaii Revised Statutes.

The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act; provided that any moneys unused and unencumbered as of June 30, 2025, may be used for other rental housing projects pursuant to section 201H‑202(e)(1), Hawaii Revised Statutes.

SECTION 9. This Act shall take effect on July 1, 2023.

INTRODUCED BY:

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Report Title:

General Obligation Bonds; Dwelling Unit Revolving Fund; Rental Housing Revolving Fund; Loans; Appropriation

Description:

Authorizes the issuance of general obligation bonds with the funds to be deposited into the dwelling unit revolving fund and the rental housing revolving fund. Appropriates funds into and out of the dwelling unit revolving fund. Appropriates funds into and out of the rental housing revolving fund to be used to provide grants or loans to mixed-income rental projects or units qualifying individuals and families.

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