Report Title:

Affordable Housing Projects; Fiscal Stimulus

 

Description:

Authorizes general obligation bond funds for affordable housing projects.  Allows the funds to be used to match federal funds that may be appropriated under any federal fiscal stimulus legislation.  (SD1)

 


HOUSE OF REPRESENTATIVES

H.B. NO.

1221

TWENTY-FIFTH LEGISLATURE, 2009

H.D. 1

STATE OF HAWAII

S.D. 1

 

 

 

 

 

A BILL FOR AN ACT


 

 

RELATING TO AFFORDABLE HOUSING PROJECTS.

 

 

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

 


     SECTION 1.  The purpose of this Act is to make an appropriation for affordable housing projects to stimulate the economy and provide housing for low- and moderate-income families and individuals.

     SECTION 2.  For the purposes of this Act, "affordable housing project" means a dwelling, all units of which are affordable to purchasers or renters with incomes of not more than one hundred forty per cent of the applicable county median income, as adjusted for family size; provided that not more than one unit in the dwelling need not be affordable to such purchasers or renters if the unit is reserved for a resident manager.  An "affordable housing project" shall not include any use other than residential use, apartment use, or recreational use intended primarily for residents of the dwelling.

     SECTION 3.  The director of finance is authorized to issue general obligation bonds in the sum of $           or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2009-2010 for affordable housing projects.

     This appropriation may be used for any of the following:  development of a new affordable housing project; reconstruction, renovation, or rehabilitation of an existing affordable housing project; repair and maintenance of an existing affordable housing project; development or replacement of infrastructure necessary for an affordable housing project; and provision of a grant-in-aid to a county government or private developer for any of the previously listed purposes.

     The director of finance may use this appropriation to match federal funds that are appropriated for capital improvement projects in the State of Hawaii under any federal fiscal stimulus legislation.

     SECTION 4.  The appropriation made for the affordable housing projects authorized in section 3 of this Act shall not lapse at the end of the fiscal year for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2012, shall lapse as of that date.

     SECTION 5.  The sum appropriated shall be apportioned by the department of budget and finance between the Hawaii housing finance and development corporation and the Hawaii public housing authority.  The funds apportioned to each agency may be expended by the agency for affordable housing projects within the lawful authority of the agency.

     SECTION 6.  This Act shall take effect of July 1, 2020.