HI HB1348

Authorizes the director of finance to issue general obligation bonds for fiscal year 2013-2014 and deposit funds into the rental assistance revolving fund to expand affordable rental housing assistance.

Authorizes an additional issuance of general obligation bonds for fiscal year 2014-2015 and appropriates funds into the rental assistance revolving fund for the same purpose.

Directs the Hawaii housing finance and development corporation to expend appropriated funds for rental assistance program expansion.

Appropriations shall not lapse at the end of the fiscal biennium, except that unencumbered funds remaining as of June 30, 2016 shall lapse on that date.

Takes effect on July 1, 2013; addresses the Hawaii interagency council on homelessness recommendation to increase funding so new project commitments can be made for affordable rental units with shallow rent subsidies.