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THE SENATE |
S.R. NO. |
50 |
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THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 1 |
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STATE OF HAWAII |
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SENATE RESOLUTION
REQUESTING THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION TO ADOPT ADMINISTRATIVE RULES TO ENABLE CREDIT ENHANCEMENT FOR CONSTRUCTION LOANS UNDER ANY FUNDS ADMINISTERED BY THE CORPORATION.
WHEREAS, the State has extremely high housing development costs, which have worsened in light of currently high interest rates; and
WHEREAS, these costs put added strain on housing developers; and
WHEREAS, these costs are ultimately passed on to the residents of the housing; and
WHEREAS, allowing funds administered by the Hawaii Housing Finance and Development Corporation to provide credit enhancement for construction loans will reduce the related financing costs and therefore development costs; and
WHEREAS, the Hawaii Housing Finance and Development Corporation is intimately involved in the underwriting and funding of the construction loan takeout financing, and as such, allowing credit enhancement will pose little risk to the Hawaii Housing Finance and Development Corporation's funds; now, therefore,
BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Hawaii Housing Finance and Development Corporation is requested to adopt administrative rules to enable credit enhancement for construction loans under any funds administered by the Hawaii Housing Finance and Development Corporation; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Executive Director of the Hawaii Housing Finance and Development Corporation and each member of the Board of Directors for the Hawaii Housing Finance and Development Corporation.
HHFDC; RHRF; Credit Enhancement for Construction Loans; Housing; Affordable Housing; Rules