Bill Text: HI SB975 | 2015 | Regular Session | Amended
Bill Title: Rental Housing Trust Fund; Preference; Federal LIHTC
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2015-03-19 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Har, Kawakami, Oshiro, Saiki, Say, Souki, Tokioka, Woodson excused (8). [SB975 Detail]
Download: Hawaii-2015-SB975-Amended.html
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THE SENATE |
S.B. NO. |
975 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
H.D. 1 |
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STATE OF HAWAII |
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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. Section 201H-202, Hawaii Revised Statutes, is amended by amending subsection (e) to read as follows:
"(e) Moneys available in the fund shall be used for the purpose of providing, in whole or in part, loans or grants for rental housing projects in the following order of priority:
(1) Projects or units in projects that are allocated low‑income housing credits pursuant to the state housing credit ceiling under section 42(h) of the Internal Revenue Code of 1986, as amended, or projects or units in projects that are funded by programs of the United States Department of Housing and Urban Development and United States Department of Agriculture Rural Development wherein:
(A) At least [fifty] 50 per cent
of the available units are for persons and families with incomes at or below [eighty]
80 per cent of the median family income of which at least [five] 5
per cent of the available units are for persons and families with incomes at or
below [thirty] 30 per cent of the median family income; and
(B) The remaining units are for persons and families
with incomes at or below [one hundred] 100 per cent of the median
family income;
provided that the corporation may establish rules
to ensure full occupancy of fund projects; [and]
(2) Projects or units in projects that are awarded low-income housing credits under section 42(h)(4) of the Internal Revenue Code of 1986, as amended; and
[(2)] (3) Mixed-income rental projects
or units in a mixed‑income rental project wherein all of the available
units are for persons and families with incomes at or below [one hundred
forty] 140 per cent of the median family income."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050.
Report Title:
Rental Housing Trust Fund; Preference; Federal LIHTC
Description:
Adds a preference for rental housing trust fund project applicants that receive federal low-income housing tax credits, regardless of volume cap. (SB975 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
