HOUSE OF REPRESENTATIVES

H.B. NO.

534

TWENTY-SEVENTH LEGISLATURE, 2013

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to housing development.

 

 

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

 


     SECTION 1.  Section 201H-80, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

     "(a)  There is created a housing finance revolving fund to be administered by the corporation.  Notwithstanding sections 36-21 and 201H-191, the proceeds in the fund shall be used [for long-term and other special financings of the corporation and for the necessary expenses in administering this part.] as follows:

     (1)  Seventy per cent for affordable-housing expenditures;

     (2)  Fifteen per cent for historic preservation expenditures; and

     (3)  Fifteen per cent for open space expenditures;

provided that any proceeds remaining after expenditures under paragraphs (1), (2), and (3) shall be used for the necessary expenses in administering this part."

     SECTION 2.  This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Housing Finance Revolving Fund; Expenditures

 

Description:

Requires that the proceeds of the housing finance revolving fund be used for affordable housing, historic preservation, and open space expenditures.

 

 

 

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