Hawaii Senate Bill SB2316

Hawaii 2022 Regular Session

• Introduced: 1/21/22
• Refer: 1/24/22

Caption

Relating To Affordable Housing.

Impact

The approval of SB2316 is expected to significantly impact state laws concerning housing finance and development. By enabling the issuance of bonds, the bill provides a financial framework to stimulate housing construction and improve availability. The inclusion of provisions that prevent the lapse of appropriations at the end of the fiscal biennium ensures that the funds remain available for continuous housing development efforts until unencumbered sums are accounted for, promoting a longer-term strategy for affordable housing in Hawaii.

Summary

SB2316 is a legislative bill proposed during the thirty-first legislature of Hawaii, aimed at enhancing the state's affordable housing initiatives. The bill authorizes the director of finance to issue general obligation bonds, which are crucial for funding housing programs within the state. Specifically, the bill allocates funds for the Hawaii Housing Finance and Development Corporation (HHFDC) as well as the Hawaii Public Housing Authority (HPHA) to develop both rental and fee simple housing projects in Hawaii for the fiscal year 2022-2023. This funding mechanism indicates the state's commitment to expanding affordable housing options amidst ongoing housing crises.

Contention

However, the bill may also spark discussions regarding its financial implications and the effectiveness of bond issuance as a tool for housing development. Critics might argue about the potential long-term debt incurred by the state through bond issuance, questioning whether the anticipated benefits of increased housing availability will outweigh the financial risks associated with such obligations. The importance of separate appropriations for different housing authorities could lead to debates on the efficiency and equity of resource distribution across various housing programs in Hawaii.