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.
Impact
The resolution underlines the critical issue of affordable housing scarcity in Hawaii, which has been exacerbated by the limited availability of private activity bonds. These bonds are necessary for financing rental housing projects aimed at low-income households. The Hawaii Housing Finance and Development Corporation has previously experienced significant demand for these bonds, which far exceeded the available cap, leading to a substantial shortfall in financing for affordable housing developments. SCR151 aims to redirect focus on using available state resources more effectively to meet housing demands.
Summary
SCR151 reaffirms the State of Hawaii's commitment to increasing affordable housing stock by effectively discouraging the allocation of special purpose revenue bonds. The resolution recognizes the role that special purpose revenue bonds play in enabling non-governmental entities to finance public purpose projects while also stating that they divert essential resources away from private activity bonds that can address the housing crisis. This commitment comes as a response to the growing housing needs and the challenges surrounding bond availability in the state.
Contention
While SCR151 is designed to ensure increased availability of housing for low-income families, it has raised concerns regarding the balance between providing immediate housing solutions and the potential long-term effects of limiting special purpose revenue bonds. There is debate over whether restricting these bonds may hinder other public projects that could benefit from their financing capabilities. The resolution highlights the need for a strategic approach to bond allocation in order to maximize benefits for housing needs without unnecessarily restricting other community developments.
Same As
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.
Same As
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.