HOUSE OF REPRESENTATIVES	H.B. NO.	1095
TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII

A BILL FOR AN ACT

 

 

relating to the rental housing trust fund.

 

 

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

 

     SECTION 1.  Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§201H-    County rental housing subaccounts.  (a)  The corporation, upon request by a county, may establish and operate a rental housing subaccount for the benefit of the county within the rental housing trust fund.

     (b)  Matching loans and contributions of up to $5,000,000 may be made by the county and the rental housing trust fund into a county rental housing subaccount.

     (c)  The county shall agree in writing to indemnify, defend, and hold harmless the corporation, its officers, agents, and employees from and against any and all claims arising out of or resulting from activities carried out or projects undertaken with any loan or grant made from a county rental housing subaccount.

     (d)  An amount from the county rental housing subaccount, to be set by the corporation and authorized by the legislature, may be used for administrative expenses incurred by the corporation in administering the subaccount.

     (e)  The corporation shall adopt rules in accordance with chapter 91 relating to the establishment, requirements, and operation of county rental housing subaccounts."

     SECTION 2.  Section 201H-202, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:

     "(d)  The fund shall be used to provide loans or grants for the development, pre-development, construction, acquisition, preservation, and substantial rehabilitation of rental housing units.  Permitted uses of the fund may include but are not limited to planning, design, land acquisition, costs of options, agreements of sale, downpayments, equity financing, capacity building of nonprofit housing developers, or other housing development services or activities as provided in rules adopted by the corporation pursuant to chapter 91.  The rules may provide for a means of recapturing loans or grants made from the fund if a rental housing project financed under the fund is refinanced or sold at a later date.  The rules may also provide that moneys from the fund shall be leveraged with other financial resources to the extent possible.  Subject to the provisions of this section, the proceeds in the fund may also be used for the purposes of establishing and operating the county rental housing subaccounts described in section 201H-  ."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on July 1, 2015.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Rental Housing Trust Fund; Subaccounts; County Funded Projects

 

Description:

Authorizes the Hawaii Housing Finance and Development Corporation, upon request by a county, to establish and operate for the county, a county rental housing subaccount within the Rental Housing Trust Fund.

 

 

 

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