THE SENATE

S.B. NO.

1362

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE RENTAL ASSISTANCE REVOLVING FUND.

 

 

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

 


     SECTION 1.  Section 201H-123, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:

     "(c)  The corporation may use, as needed, the aggregate principal sum and the accumulated earnings in the rental assistance revolving fund to make payments under rental assistance contracts or to subsidize tenants' rents in eligible projects developed under this part; provided that the corporation shall use up to $25,000,000 plus any bond proceeds to provide interim construction financing to[:

     (1)  Qualified] qualified sponsors who are private nonprofit or for-profit entities; [or

     (2)  The corporation, for the development of affordable rental housing;]

provided further that the corporation, in allotting interim construction financing moneys pursuant to this subpart, shall give preference to rental housing projects developed by qualified sponsors who are private nonprofit or for-profit entities."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Rental Assistance Revolving Fund; Department of Business, Economic Development, and Tourism; Hawaii Housing Finance and Development Corporation

 

Description:

Restricts the ability of the Hawaii housing finance and development corporation to use the rental assistance revolving fund for projects relating to affordable rental housing.

 

 

 

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