| 47 | | - | SECTION 1. Section 46-15.1, Hawaii Revised Statutes, is amended as follows: 1. By amending subsection (a) to read: "(a) Notwithstanding any law to the contrary, any county shall have and may exercise the same powers, subject to applicable limitations, as those granted the Hawaii housing finance and development corporation pursuant to chapter 201H insofar as those powers may be reasonably construed to be exercisable by a county for the purpose of developing, constructing, [and] financing, refinancing, or otherwise providing low- and moderate-income housing[;] projects, mixed-income projects, and mixed-use developments; provided that no county shall be empowered to cause the State to issue general obligation bonds to finance a project pursuant to this section; provided further that county projects shall be granted an exemption from general excise or receipts taxes in the same manner as projects of the Hawaii housing finance and development corporation pursuant to section 201H-36; and provided further that section 201H-16 shall not apply to this section unless federal guidelines specifically provide local governments with that authorization and the authorization does not conflict with any state laws. The powers shall include the power, subject to applicable limitations, to: (1) Develop and construct dwelling units, alone or in partnership with developers; (2) Acquire necessary land by lease, purchase, exchange, or eminent domain; (3) Provide assistance and aid to a public agency or other person in developing and constructing new housing and rehabilitating existing housing for elders of low- and moderate-income, other persons of low- and moderate-income, and persons displaced by any governmental action, by making long-term mortgage or interim construction loans available; (4) Contract with [any] eligible bidders to provide for construction of urgently needed housing for persons of low- and moderate-income; (5) Guarantee the top twenty-five per cent of the principal balance of real property mortgage loans, plus interest thereon, made to qualified borrowers by qualified lenders; (6) Enter into mortgage guarantee agreements with appropriate officials of any agency or instrumentality of the United States to induce those officials to commit to insure or to insure mortgages under the National Housing Act, as amended; (7) Make a direct loan to any qualified buyer for the downpayment required by a private lender to be made by the borrower as a condition of obtaining a loan from the private lender in the purchase of residential property; (8) Provide funds for a share, not to exceed fifty per cent, of the principal amount of a loan made to a qualified borrower by a private lender who is unable otherwise to lend the borrower sufficient funds at reasonable rates in the purchase of residential property; and (9) Sell or lease completed dwelling units. If there is an insufficient number of persons or families who meet the income qualifying criteria for a particular low- and moderate-income housing project, then the income-restricted housing units may be made available to households with higher incomes to ensure full occupancy of the housing project. For purposes of this section, a limitation is applicable to the extent that it may reasonably be construed to apply to a county." 2. By amending subsections (f) and (g) to read: "(f) The provisions of this section shall be construed liberally so as to effectuate the purpose of this section in facilitating the development, construction, [and provision of] financing, refinancing, or other provisions of low- and moderate-income housing projects, mixed-income projects, and mixed-use developments by the various counties. (g) For purposes of this section[, "low and moderate income housing"]: "Low- and moderate-income housing project" means any housing project that meets the definition of "low- and moderate-income housing project" in section 39A-281. "Mixed-income project" means any housing project that, in addition to low- and moderate-income housing units, includes housing units for households with incomes higher than provided under section 39A-281. "Mixed-use development" has the same meaning as in subsection 201H-12(a)." SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 3. This Act shall take effect on July 1, 3000; provided that this Act shall apply to bond proceeds expended by a county after December 31, 2023; provided further that the amendments made to section 46-15.1, Hawaii Revised Statutes, by section 1 of this Act shall not be repealed when that section is reenacted on July 1, 2030, pursuant to sections 2 and 3 of Act 90, Session Laws of Hawaii 2023. |
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| 47 | + | SECTION 1. Section 46-15.1, Hawaii Revised Statutes, is amended as follows: 1. By amending subsection (a) to read: "(a) Notwithstanding any law to the contrary, any county shall have and may exercise the same powers, subject to applicable limitations, as those granted the Hawaii housing finance and development corporation pursuant to chapter 201H insofar as those powers may be reasonably construed to be exercisable by a county for the purpose of planning, developing, constructing, financing, and providing housing projects, including low- and moderate-income housing[;] and mixed-use developments; provided that no county shall be empowered to cause the State to issue general obligation bonds to finance a project pursuant to this section; provided further that county projects shall be granted an exemption from general excise or receipts taxes in the same manner as projects of the Hawaii housing finance and development corporation pursuant to section 201H-36; and provided further that section 201H-16 shall not apply to this section unless federal guidelines specifically provide local governments with that authorization and the authorization does not conflict with any state laws. The powers shall include the power, subject to applicable limitations, to: (1) Develop and construct dwelling units, alone or in partnership with developers; (2) Acquire necessary land by lease, purchase, exchange, or eminent domain; (3) Provide assistance and aid to a public agency or other person in developing and constructing new housing and rehabilitating existing housing for elders of low- and moderate-income, other persons of low- and moderate-income, and persons displaced by any governmental action, by making long-term mortgage or interim construction loans available; (4) Contract with [any] eligible bidders to provide for construction of urgently needed housing for persons of low- and moderate-income; (5) Guarantee the top twenty-five per cent of the principal balance of real property mortgage loans, plus interest thereon, made to qualified borrowers by qualified lenders; (6) Enter into mortgage guarantee agreements with appropriate officials of any agency or instrumentality of the United States to induce those officials to commit to insure or to insure mortgages under the National Housing Act, as amended; (7) Make a direct loan to any qualified buyer for the downpayment required by a private lender to be made by the borrower as a condition of obtaining a loan from the private lender in the purchase of residential property; (8) Provide funds for a share, not to exceed fifty per cent, of the principal amount of a loan made to a qualified borrower by a private lender who is unable otherwise to lend the borrower sufficient funds at reasonable rates in the purchase of residential property; and (9) Sell or lease completed dwelling units. For purposes of this section, a limitation is applicable to the extent that it may reasonably be construed to apply to a county." 2. By amending subsections (f) and (g) to read: "(f) The provisions of this section shall be construed liberally so as to effectuate the purpose of this section in facilitating the planning, development, construction, financing, and provision of housing projects, including low- and moderate-income housing and mixed-use developments, by the various counties. (g) For purposes of this section[,]: "[low] Low and moderate income housing" means any housing project that meets the definition of "low- and moderate-income housing project" in section 39A-281. "Mixed-use development" has the same meaning as in subsection 201H-12(a)." SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date. SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 4. This Act shall take effect upon its approval; provided that the amendments made to section 46-15.1, Hawaii Revised Statutes, by section 1 of this Act shall not be repealed when that section is reenacted on July 1, 2030, pursuant to sections 2 and 3 of Act 90, Session Laws of Hawaii 2023. INTRODUCED BY: _____________________________ |
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