Bill Text: HI SB516 | 2019 | Regular Session | Introduced
Bill Title: Relating To The Hawaii Housing Finance And Development Corporation.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 2019-02-04 - Report adopted; Passed Second Reading and referred to WAM. [SB516 Detail]
Download: Hawaii-2019-SB516-Introduced.html
|
THE SENATE |
S.B. NO. |
516 |
|
THIRTIETH LEGISLATURE, 2019 |
|
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
Relating to the hawaii housing finance and development corporation.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 201H-91, Hawaii Revised Statutes, is amended by amending the definition of "eligible project loan" to read as follows:
""Eligible project loan" means an interim or permanent loan, which may be federally insured or guaranteed, made to a qualified sponsor for the financing of a rental housing project, or a rent-to-own housing project whose units would first be subject to section 201H-181, and which meets other requirements as established by rules adopted by the corporation."
SECTION 2. Section 201H-95, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation shall establish requirements
for rental housing projects to be financed by an eligible project loan, and may
consider the location, age, condition, and other characteristics of the project[.];
provided that the housing projects be exclusively offered to families or
individuals who are Hawaii residents, are owner occupants, and own no other
real property."
SECTION 3. Section 201H-171, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation [may] shall
establish a homebuyers' club program for participants who [are desirous of
purchasing] desire to purchase a home and who have adequate incomes
but who lack sufficient funds for the downpayment and closing costs. The primary focus of this program is to
facilitate the purchase of homes by providing participants with strategies to
save money, to resolve credit problems, and to educate participants on how to
shop for and purchase a home."
SECTION 4. Section 201H-181, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) The corporation [may] shall
establish a rent-to-own program under which dwelling units that are for sale
may be rented to program participants.
Under this program, the corporation shall credit a portion of the rent
received toward the purchase of the unit."
SECTION 5. Issuance of revenue bond; amount authorized. Revenue bonds may be issued by the Hawaii housing finance and development corporation pursuant to part III of chapter 39 and subpart A of part III of chapter 201H, Hawaii Revised Statutes, in an aggregate principal amount not to exceed $ at such times and in such amounts as the Hawaii housing finance and development corporation deems advisable for the purpose of undertaking and maintaining the housing loan programs under part III of chapter 201H, Hawaii Revised Statutes.
SECTION 6. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 7. This Act shall take effect on July 1, 2019.
|
INTRODUCED BY: |
_____________________________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Report Title:
HHFDC; Eligible Project Loan; Homebuyers' Club Program; Rent-to-Own Housing; Revenue Bonds
Description:
Amends the definition of eligible project loan to allow loans to be made for certain rent-to-own housing projects. Requires HHFDC to implement the homebuyers' club and rent-to-own housing programs. Authorizes the issuance of revenue bonds to finance HHFDC housing loan programs.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
