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HI SB2337
Bill
Status
2/18/2014
Primary Sponsor
Ronald Kouchi
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AI Summary
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Authorizes the Director of Finance to issue $7,800,000 in general obligation bonds for fiscal year 2014-2015 to fund low-income housing tax credit loans under Hawaii Revised Statutes section 201H-86.
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Appropriates funds from bond sales to the Hawaii Housing Finance and Development Corporation for the low-income housing tax credit loan program, which allows qualified low-income building owners to receive interest-free loans instead of claiming housing tax credits.
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Provides alternative financing mechanisms to support the construction industry and address the State's affordable housing crisis while creating local employment opportunities.
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Allows appropriated funds to remain available beyond the fiscal biennium, with unencumbered moneys lapsing on June 30, 2016.
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Effective date of July 1, 2050.
Legislative Description
Low-Income Housing Tax Credit Loan; GO Bonds; Construction Industry Task Force ($)
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with Representative(s) Jordan voting aye with reservations; none voting no (0) and Representative(s) Takai, Tokioka excused (2).
3/18/2014