Bill Text: HI HB2547 | 2020 | Regular Session | Amended
Bill Title: Relating To Housing.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2020-05-21 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [HB2547 Detail]
Download: Hawaii-2020-HB2547-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2547 |
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THIRTIETH LEGISLATURE, 2020 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that having
two agencies administer low- and moderate-income housing creates inconsistency
and confusion. The Hawaii community
development authority and Hawaii housing finance and development corporation
apply different rules, creating disparities on issues such as the availability
of home equity loans.
Accordingly, the purpose of this Act is to
eliminate these disparities by bringing programs for low- and moderate-income
housing under a single program administered by the Hawaii housing finance and
development corporation.
SECTION 2. Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to part II to be appropriately designated and to read as follows:
"§201H- Reserved
and workforce housing units. (a) Notwithstanding
any law to the contrary, the corporation may administer any new reserved
housing and workforce housing units produced under chapter 206E or 201H;
provided that:
(1) When a reserved
housing or workforce housing unit is developed under a master plan vested under
chapter 206E, the regulated term shall be the same as the regulated term in the
applicable rule adopted pursuant to chapter 206E; and
(2) All shared equity owed
to the Hawaii community development authority upon sale of reserved or
workforce housing units shall be paid to the corporation.
(b) Notwithstanding any law to the contrary, the
corporation may adopt rules pursuant to this chapter to allow owners of
reserved and workforce housing units transferred to the corporation under
section 206E-4.2 to obtain home equity lines of credit, refinance their units,
or pay their shared equity.
(c) The transfer of any unit to the corporation
shall not affect the regulated term on the unit owner's deed.
(d) As
used in this section, "reserved housing" and "workforce
housing" have the same meanings as defined in section 206E-2."
SECTION 3. Section 206E-4.2, Hawaii Revised Statutes, is amended to read as follows:
"[[]§206E-4.2[]] Reserved
and workforce housing units; transfer to qualified nonprofit housing trust[.] or the Hawaii housing
finance and development corporation.
(a) Notwithstanding any law to the contrary, the authority
may authorize [a designated qualified nonprofit housing trust] the
Hawaii housing finance and development corporation to administer the [covenants
and rules related to the] reserved housing and workforce housing programs[.]
under rules adopted pursuant to section 201H- . Additionally, the authority may authorize
a designated qualified nonprofit housing trust to administer the covenants and
rules related to the reserved housing and workforce housing programs and may
waive its right to repurchase a reserved or workforce housing unit during the
restriction period and may transfer that right of repurchase to a qualified
nonprofit housing trust for the purpose of maintaining the reserved or
workforce housing unit as an affordable housing unit. If the repurchase rights are transferred to a
qualified nonprofit housing trust, the
restrictions prescribed in this chapter or in rules adopted by the authority
shall be automatically extinguished and shall not attach in subsequent
transfers of title; provided further that the qualified nonprofit housing trust
shall establish new buyback restrictions for the purpose of maintaining the
unit as affordable for as long as practicable, or as otherwise required by the
authority.
(b)
A qualified nonprofit housing trust shall report the status and use of
its housing units to the authority by November 30 of each calendar year.
(c)
The authority shall inform owners of reserved housing and workforce
housing units that owners may participate in the program administered by the
Hawaii housing finance and development corporation under section 201H- ."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2050.
Report Title:
HCDA;
HHFDC; Reserved Housing; Workforce Housing
Description:
Consolidates
the administration of low- and moderate-income housing into a single program by
authorizing the Hawaii Housing Finance and Development Corporation to
administer new reserved housing and workforce housing units in community
development districts. Provides that the
Hawaii Housing Finance and Development Corporation may adopt rules to allow
owners to obtain home equity lines of credit, refinance their units, or pay
their shared equity. Effective 7/1/2050. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
