HI SB1280

Authorizes the Director of Finance to issue $40,000,000 in general obligation bonds for fiscal year 2021-2022 to be deposited into the rental housing revolving fund.

Appropriates $40,000,000 in general revenues for fiscal year 2021-2022 to construct phase I of the School Street elderly housing project on Hawaii public housing authority property on Oahu.

Phase I will include 250 units for seniors with incomes at or below 60 percent of area median income, with plans for 800 total units across three phases.

Funds will be expended by the Hawaii Housing Finance and Development Corporation for the senior affordable housing project.

Appropriated funds shall not lapse at end of fiscal biennium, except any unencumbered moneys as of June 30, 2024, shall lapse on that date; Act takes effect July 1, 2021.