Report Title:

Housing; Appropriation; Kukui Gardens

 

Description:

Appropriates moneys to allow Kukui Gardens to remain an affordable development.

 


HOUSE OF REPRESENTATIVES

H.B. NO.

329

TWENTY-FOURTH LEGISLATURE, 2007

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT


 

 

RELATING TO HOUSING.

 

 

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

 


     SECTION 1.  Based on extensive analysis, the Hawaii housing finance and development corporation has concluded that any negotiated solution with Kukui Gardens Corporation or Carmel Partners, or the Kukui Gardens residents resulting in preservation of the current levels of affordability at Kukui Gardens will require some level of state financial subsidy.  Kukui Gardens units are in need of repair and rehabilitation.  The legislature finds that in all potential solutions, net of the use of the State's low income housing tax credit and tax exempt revenue bond financing, a financial gap will remain to enable Kukui Gardens to remain an affordable development.  The magnitude of this gap will depend on the terms of the transaction and its structure.

     The purpose of this Act is to appropriate moneys to fund the gap and allow Kukui Gardens to remain an affordable development.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $          , or so much thereof as may be necessary for fiscal year 2007-2008, and the same sum, or so much thereof as may be necessary for fiscal year 2008-2009, for the purposes of section 1 of this Act.

The sums appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

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

 

INTRODUCED BY:

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