Loading chat...
HI SCR151
Concurrent Resolution
Status
4/5/2023
Primary Sponsor
Stanley Chang
Click for details
AI Summary
-
Reaffirms the Legislature's commitment to not allocate special purpose revenue bonds and discourage their use to preserve private activity bond capacity for affordable housing development.
-
Acknowledges that Act 182 (Session Laws of Hawaii 2022) established a moratorium on special purpose revenue bonds from June 30, 2022, through December 31, 2028, except when requested by the Governor.
-
Notes that during the 2021 financing cycle, developers requested over $500 million in private activity bonds for nearly 2,700 affordable housing units, but the Hawaii Housing Finance and Development Corporation could only allocate $151 million for 750 units due to bond cap constraints.
-
Identifies that private activity bonds, used in conjunction with Low-Income Housing Tax Credits, enable developers to build affordable rental housing for households earning at or below 60 percent of area median income.
-
Directs transmission of certified copies of the resolution to the Governor, Lieutenant Governor, Director of Budget and Finance, and Executive Director of the Hawaii Housing Finance and Development Corporation.
Legislative Description
Reaffirming The Commitment To Increase The State's Affordable Housing Stock By Not Allocating Special Purpose Revenue Bonds And Discouraging The Use Of Special Purpose Revenue Bonds.
Special Purpose Revenue Bonds
Last Action
Report adopted; referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Lowen, Nakashima excused (2).
4/17/2023