HOUSE OF REPRESENTATIVES	H.C.R. NO.	89
THIRTY-SECOND LEGISLATURE, 2024		H.D. 1
STATE OF HAWAII

HOUSE CONCURRENT

RESOLUTION

URGING THE DIRECTOR OF FINANCE TO ADOPT ADMINISTRATIVE RULES TO DEFINE "BENEFICIAL EFFECTS TO THE STATE" IN SECTION 38-2, HAWAII REVISED STATUTES, TO INCLUDE THE FINANCING OF HOUSING.

WHEREAS, limited supply of housing continues to be a major issue for the State; and

WHEREAS, the State must expand financing options to increase housing in Hawaii; and

WHEREAS, the monies collected by the State are held in trust for the benefit of the public and thus decisions related to where and how to invest the public treasury concern matters of public policy; and

WHEREAS, the Director of Finance is granted the discretion to invest the public treasury with certain depositories, subject to the approval of the Governor and certain statutory requirements, including the requirements to "consider the beneficial effects to the State of using depositories within the State"; and

WHEREAS, the State can incentivize depositories to help address and increase the State's housing inventory; and

WHEREAS, depositories that have issued loans with favorable terms to housing developers for the benefit of Hawaii residents should be considered to have beneficial effects to the State, as these loans help lower development costs and expand the State's ability to create affordable housing; now, therefore,

BE IT RESOLVED by the House of Representatives of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, the Senate concurring, that the Director of Finance is urged to adopt administrative rules to define "beneficial effects to the State" in section 38-2, Hawaii Revised Statutes, to include the financing of housing; and

BE IT FURTHER RESOLVED that a certified copy of this Concurrent Resolution be transmitted to the Director of Finance.

Report Title:

Banks; Loans; Housing; Director of Finance; State Treasury Depository