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HI SCR129
Concurrent Resolution
Status
3/10/2023
Primary Sponsor
Jarrett Keohokalole
Click for details
AI Summary
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Request that the Director of Finance expressly consider the amount of favorable-term loans a depository has issued to housing developers when evaluating the beneficial effects of using that depository for public funds deposits.
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Define "favorable terms" to include loans with below-market interest rates and longer maturity periods for housing projects where all dwelling units are exclusively available to owner-occupant residents of Hawaii who own no other real property.
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Add housing development lending as an evaluation criterion alongside existing requirements to consider depositary safety, liquidity, and yield on deposits under Hawaii Revised Statutes section 38-2(d).
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Address Hawaii's housing crisis by incentivizing depositaries that support affordable housing development for state residents through preferential consideration in state fund placement decisions.
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Require transmission of certified copies to the Governor and Director of Finance.
Legislative Description
Requesting The Director Of Finance To Expressly Consider The Amount Of Loans With Favorable Terms That A Depository Has Issued To Developers Of Housing For Hawaii Residents When Evaluating The Beneficial Effects To The State Of Using That Depository, In Addition To The Existing Requirements To Consider Factors Such As Safety, Liquidity, And Yield Offered On Deposits.
Department of Budget and Finance
Last Action
Referred to WAM.
3/15/2023