Report Title:

Appropriation; DURF

 

Description:

Appropriates $50,000,000 in general funds to be deposited into the Dwelling Unit Revolving Fund (DURF).

 


HOUSE OF REPRESENTATIVES

H.B. NO.

1262

TWENTY-FOURTH LEGISLATURE, 2007

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT


 

 

MAKING AN APPROPRIATION FOR AFFORDABLE HOUSING.

 

 

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

 


     SECTION 1.  There is appropriated out of the general revenues of the State of Hawaii the sum of $25,000,000, or so much thereof as may be necessary for fiscal year 2007-2008, and the sum of $25,000,000, or so much thereof as may be necessary for fiscal year 2008-2009, to be paid into the dwelling unit revolving fund created in section 201H-191, Hawaii Revised Statutes to:

     (1)  Provide equity gap financing for the development, preservation, or substantial rehabilitation of affordable rental housing projects;

     (2)  Provide funding for infrastructure improvements for lands deemed suitable for affordable housing; and

     (3)  Assist in the development of affordable for-sale housing projects.

     SECTION 2.  The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2007.

 

INTRODUCED BY:

_____________________________

 

 

BY REQUEST