THE SENATE	S.B. NO.	2585
THIRTY-SECOND LEGISLATURE, 2024
STATE OF HAWAII

A BILL FOR AN ACT

Relating to THE rental housing revolving fund.

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 $           or so much thereof as may be necessary for fiscal year 2024-2025 to be deposited into the rental housing revolving fund established in section 201H-202, Hawaii Revised Statutes.

SECTION 2. There is appropriated out of the rental housing revolving fund the sum of $           or so much thereof as may be necessary for fiscal year 2024-2025 for the purposes of this Act; provided that up to $           may be used for mixed-income rental projects or units in mixed-income rental projects targeted for individuals and families with incomes above sixty and at or below one hundred per cent of the median family income for the State of Hawaii.

The sum appropriated shall be expended by the Hawaii housing finance and 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 any moneys not awarded as of June 30, 2025, may be used for other rental housing projects pursuant to paragraph 201H-202(e)(1), Hawaii Revised Statutes; provided further that all moneys from the appropriation that are unallotted as of June 30, 2026, shall lapse on that date.

SECTION 3. In accordance with section 9 of article VII of the Hawaii State Constitution and sections 37‑91 and 37‑93, Hawaii Revised Statutes, the legislature has determined that the appropriations contained in H.B. No.    , will cause the state general fund expenditure ceiling for fiscal year 2024‑2025 to be exceeded by $           or      per cent. In addition, the appropriation contained in this Act will cause the general fund expenditure ceiling for fiscal year 2024‑2025 to be further exceeded by $           or      per cent. The combined total amount of general fund appropriations contained in only these two Acts will cause the state general fund expenditure ceiling for fiscal year 2024‑2025 to be exceeded by $           or      per cent. The reasons for exceeding the general fund expenditure ceiling are that:

(1) The appropriation made in this Act is necessary to serve the public interest; and

(2) The appropriation made in this Act meets the needs addressed by this Act.

SECTION 4. This Act shall take effect on July 1, 2024.

INTRODUCED BY:

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Report Title:

State Funds; Rental Housing Revolving Fund; Mixed-Income Rental Projects; Appropriation; Expenditure Ceiling

Description:

Appropriates funds for the rental housing revolving fund to be used for mixed-income rental projects.

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