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| 1 | - | THE SENATE S.B. NO. 2065 THIRTY-SECOND LEGISLATURE, 2024 | |
| 1 | + | THE SENATE S.B. NO. 2065 THIRTY-SECOND LEGISLATURE, 2024 STATE OF HAWAII A BILL FOR AN ACT relating to Housing. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: | |
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| 3 | 3 | THE SENATE S.B. NO. 2065 | |
| 4 | - | THIRTY-SECOND LEGISLATURE, 2024 | |
| 4 | + | THIRTY-SECOND LEGISLATURE, 2024 | |
| 5 | 5 | STATE OF HAWAII | |
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| 7 | 7 | THE SENATE | |
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| 9 | 9 | S.B. NO. | |
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| 11 | 11 | 2065 | |
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| 13 | 13 | THIRTY-SECOND LEGISLATURE, 2024 | |
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| 17 | 17 | STATE OF HAWAII | |
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| 31 | 31 | A BILL FOR AN ACT | |
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| 36 | 36 | ||
| 37 | 37 | relating to Housing. | |
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| 43 | 43 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: | |
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| 47 | - | SECTION 1. Chapter | |
| 47 | + | SECTION 1. The Hawaii Revised Statutes is amended by adding a new chapter to be appropriately designated and to read as follows: "Chapter HAWAII RESIDENTIAL DEVELOPERS LOAN COrporation § -1 Definitions. As used in this chapter, unless the context otherwise requires: "Board" means the board of directors of the Hawaii residential developers loan corporation. "Bonds" has the same meaning as in section 201H-1. "Corporation" means the Hawaii residential developers loan corporation. "Federal government" has the same meaning as in section 201H-1. "Real property" has the same meaning as in section 201H-1. "Trustee" has the same meaning as in section 201H-1. "Trust indenture" has the same meaning as in section 201H‑1. § -2 hawaii residential developers loan corporation; establishment. (a) There is established the Hawaii residential developers loan corporation to be placed within the department of business, economic development, and tourism for administrative purposes only. The corporation shall be a public body and a body corporate and politic. (b) The corporation shall employ, exempt from chapter 76 and section 26-35(a)(4), an executive director and an executive assistant to be nominated and, by and with the advice and consent of the senate, appointed by the governor. § -3 Corporation; duties. (a) The corporation shall enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing required to be sold to Hawaii residents who will be owner-occupants and who own no other real property. The corporation shall not provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers. (b) When the application for a loan has been approved by the corporation, the corporation shall issue to the lender a guarantee for the percentage of the loan for which it guarantees payment of principal and interest. The private lender shall collect all payments from the borrower and otherwise service the loan. § -4 Board; establishment, functions, duties. (a) There is established a board of directors of the Hawaii residential developers loan corporation consisting of nine members, of whom six shall be public members appointed by the governor as provided in section 26-34. At least four of the public members shall have knowledge and expertise in private financing and development of housing. Public members shall be appointed from each of the counties of Honolulu, Hawaii, Maui, and Kauai. The public members of the board shall serve four-year staggered terms; provided that the initial appointments shall be as follows: (1) Two members to be appointed for four years; (2) Two members to be appointed for three years; and (3) Two members to be appointed for two years. The director of business, economic development, and tourism and the director of finance, or their designated representatives, and a representative of the governor's office, shall be ex officio, voting members. The corporation shall be headed by the board. (b) The board shall select a chairperson and vice chairperson from among its members; provided that the chairperson shall be a public member. The director of business, economic development, and tourism, director of finance, and the governor's representative shall be ineligible to serve as chairperson of the board. (c) Five voting members shall constitute a quorum, whose affirmative vote shall be necessary for all actions by the corporation. The members shall receive no compensation for services, but shall be entitled to necessary expenses, including travel expenses, incurred in the performance of their duties. § -5 General powers. (a) The corporation may: (1) Sue and be sued; (2) Have a seal and alter the same; (3) Make and execute contracts and other instruments necessary or convenient to the exercise of its powers; (4) Enhance credit; (5) Adopt bylaws and rules in accordance with chapter 91 for its organization, internal management, and to carry into effect its purposes, powers, and programs; and (6) Notwithstanding any law to the contrary, establish and collect fees for administrative expenses incurred by the corporation to process applications for loans, grants, services, and real estate documents related to the corporation's functions under this chapter. (b) In addition to other powers conferred upon it, the corporation may do all things necessary and convenient to carry out the powers expressly provided in this chapter. § -6 Hawaii residential developers loan revolving fund. (a) There is established the Hawaii residential developers loan revolving fund to be administered by the corporation. The proceeds of the funds shall be used to enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing for Hawaii residents who will be owner‑occupants and who own no other real property. The proceeds of the funds shall not be used to provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers. (b) The following may be deposited into the fund: (1) Appropriations made by the legislature; (2) Private contributions; (3) Repayment of loans, interest, other returns; and (4) Moneys from other sources. § -7 Bonds; authorization. (a) The corporation, with the approval of the governor, may issue from time to time bonds in amounts not exceeding the total amount of bonds authorized to be issued by the legislature for any of its corporate purposes. (b) All bonds shall be issued pursuant to part III of chapter 39, except as provided in this chapter. (c) The bonds shall be issued in the name of the corporation, and not in the name of the State. The final maturity date of the revenue bonds may be any date not exceeding years from the date of issuance. (d) Any pledge made by the corporation shall create a perfected security interest in the revenues or moneys so pledged and thereafter received by the corporation from and after the time that a financing statement with respect to the revenues or moneys so pledged and thereafter received shall be filed with the bureau of conveyances. Upon the filing, the revenues or moneys so pledged and thereafter received by the corporation shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be prior to the lien of all parties having claims of any kind in tort, contract, or otherwise against the corporation, irrespective of whether the parties have notice thereof. This section shall apply to any financing statement heretofore or hereafter filed with the bureau of conveyances with respect to any pledge made to secure bonds issued under this chapter. (e) Any loans guaranteed and insured by the corporation pursuant to this chapter shall constitute an "undertaking" within the meaning of that term as defined and used in part III, chapter 39. Any loan program that enhances credit or guarantees and insures loans made by private financial institutions to developers of residential housing required to be sold to Hawaii residents who will be owner-occupants and who own no other real property, and is authorized by and undertaken pursuant to this chapter shall constitute a "loan program" within the meaning of that term as defined and used in part III, chapter 39. The corporation shall constitute a "department" and the board shall constitute a "governing body" within the meaning of those terms as defined and used in part III, chapter 39. (f) Neither the members of the board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. § -8 Bonds; interest rate, price, and sale. (a) The bonds shall bear interest at rates payable at times that the corporation, with the approval of the governor, may determine except for deeply discounted bonds that are subject to redemption or retirement at their accreted value; provided that the discounted value of the bonds shall not exceed per cent of any issue; and provided further that no bonds may be issued without the approval of the director of finance and the governor. Notwithstanding any other law to the contrary, the corporation, subject to the approval of the director of finance and the governor, may issue bonds pursuant to section -6, in which the discounted value of the bonds exceeds per cent of the issue. (b) The corporation may include the costs of undertaking any loan program consistent with the purposes of this chapter for which the bonds are issued in determining the principal amount of bonds to be issued. In determining the costs of undertaking, the corporation may include the cost of studies and surveys; insurance premiums; underwriting fees; financial consultant, legal, accounting, and other services incurred; reserve account, trustee, custodian, and rating agency fees; and interest on the bonds for a period determined by the corporation, or the estimated expenditure of borrowed funds for any loan program consistent with the purposes of this chapter for which the bonds are issued. § -9 Trustee; designation, duties. (a) The corporation may designate a trustee for each issue of bonds secured under the same trust indenture; provided that the trustee shall be approved by the director of finance. (b) The trustee shall be authorized by the corporation to receive and receipt for, hold, and administer the proceeds of the bonds, and to apply the proceeds to the purposes for which the bonds are issued. (c) The trustee shall also be authorized by the corporation to hold and administer any Hawaii residential developers loan revolving funds established pursuant to section -6. The trustee may receive and receipt for, hold, and administer the revenues derived by the corporation pursuant to this chapter. The trustee shall apply the revenues to pay any costs of administering and operating the loan program consistent with the purposes of this chapter; to pay the principal of and the interest on issued bonds; to the establishment of reserves; and to other purposes as may be authorized in the proceedings providing for the issuance of the bonds. (d) Notwithstanding section 39-68, the director of finance may appoint the trustee to serve as fiscal agent for: (1) The payment of the principal of and interest on the bonds; and (2) The purchase, registration, transfer, exchange, and redemption of the bonds. (e) The trustee shall perform additional functions with respect to the payment, purchase, registration, transfer, exchange, and redemption, as the director of finance may deem necessary, advisable, or expeditious, including the holding of the bonds and coupons, if any, that have been paid and the supervision of their destruction in accordance with law. (f) Nothing in this chapter shall limit or be construed to limit the powers granted to the director of finance in sections 36‑3, 39-13, and 39-68(a), to appoint the trustee or others as fiscal agents, paying agents, and registrars for the bonds or to authorize and empower those fiscal agents, paying agents, and registrars to perform the functions referred to in those sections. § -10 Trust indenture. (a) A trust indenture may contain covenants and provisions authorized by part III of chapter 39, and as deemed necessary or convenient by the corporation for the purposes of this chapter. (b) A trust indenture may allow the corporation to pledge and assign to the trustee agreements related to the corporation's undertaking of a loan program consistent with the purposes of this chapter and the rights of the corporation thereunder, including the right to receive revenues thereunder and to enforce the provision thereof. (c) Where a trust indenture provides that any bond issued under that trust indenture is not valid or obligatory for any purpose unless certified or authenticated by the trustee, all signatures of the officers of the State upon the bonds required by section 39-56 may be facsimiles of their signatures. (d) A trust indenture shall also contain provisions as to: (1) The investment of the proceeds of the bonds, the investment of any reserve for the bonds, and the use and application of the earnings from investments; and (2) The terms and conditions upon which the holders of the bonds or any portion of them or any trustee thereof may institute proceedings for the enforcement of any agreement or any note or other undertaking, obligation, or property securing the payment of the bonds and the use and application of the moneys derived therefrom. (e) A trust indenture may also contain provisions deemed necessary or desirable by the corporation to obtain or permit, by grant, interest subsidy, or otherwise, the participation of the federal government in enhancing credit or guaranteeing and insuring loans made by private financial institutions to developers of residential housing required to be sold to Hawaii residents who will be owner-occupants and who own no other real property." SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $200,000,000 or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2024-2025 for the purpose of funding the Hawaii residential developers loan revolving fund established pursuant to section -6, Hawaii Revised Statutes. SECTION 3. The appropriation made for the capital improvement project authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2026, shall lapse as of that date. SECTION 4. This Act shall take effect on July 1, 2024. INTRODUCED BY: _____________________________ | |
| 48 | 48 | ||
| 49 | - | SECTION 1. | |
| 49 | + | SECTION 1. The Hawaii Revised Statutes is amended by adding a new chapter to be appropriately designated and to read as follows: | |
| 50 | 50 | ||
| 51 | - | ||
| 51 | + | "Chapter | |
| 52 | 52 | ||
| 53 | - | §201H-A Corporation duties under this subpart. (a) The corporation shall enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing required to be sold or rented to qualified residents as defined in section 201H-32. The corporation shall not provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers. | |
| 53 | + | HAWAII RESIDENTIAL DEVELOPERS LOAN COrporation | |
| 54 | + | ||
| 55 | + | § -1 Definitions. As used in this chapter, unless the context otherwise requires: | |
| 56 | + | ||
| 57 | + | "Board" means the board of directors of the Hawaii residential developers loan corporation. | |
| 58 | + | ||
| 59 | + | "Bonds" has the same meaning as in section 201H-1. | |
| 60 | + | ||
| 61 | + | "Corporation" means the Hawaii residential developers loan corporation. | |
| 62 | + | ||
| 63 | + | "Federal government" has the same meaning as in section 201H-1. | |
| 64 | + | ||
| 65 | + | "Real property" has the same meaning as in section 201H-1. | |
| 66 | + | ||
| 67 | + | "Trustee" has the same meaning as in section 201H-1. | |
| 68 | + | ||
| 69 | + | "Trust indenture" has the same meaning as in section 201H‑1. | |
| 70 | + | ||
| 71 | + | § -2 hawaii residential developers loan corporation; establishment. (a) There is established the Hawaii residential developers loan corporation to be placed within the department of business, economic development, and tourism for administrative purposes only. The corporation shall be a public body and a body corporate and politic. | |
| 72 | + | ||
| 73 | + | (b) The corporation shall employ, exempt from chapter 76 and section 26-35(a)(4), an executive director and an executive assistant to be nominated and, by and with the advice and consent of the senate, appointed by the governor. | |
| 74 | + | ||
| 75 | + | § -3 Corporation; duties. (a) The corporation shall enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing required to be sold to Hawaii residents who will be owner-occupants and who own no other real property. The corporation shall not provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers. | |
| 54 | 76 | ||
| 55 | 77 | (b) When the application for a loan has been approved by the corporation, the corporation shall issue to the lender a guarantee for the percentage of the loan for which it guarantees payment of principal and interest. The private lender shall collect all payments from the borrower and otherwise service the loan. | |
| 56 | 78 | ||
| 57 | - | § | |
| 79 | + | § -4 Board; establishment, functions, duties. (a) There is established a board of directors of the Hawaii residential developers loan corporation consisting of nine members, of whom six shall be public members appointed by the governor as provided in section 26-34. At least four of the public members shall have knowledge and expertise in private financing and development of housing. Public members shall be appointed from each of the counties of Honolulu, Hawaii, Maui, and Kauai. The public members of the board shall serve four-year staggered terms; provided that the initial appointments shall be as follows: | |
| 58 | 80 | ||
| 59 | - | (1) | |
| 81 | + | (1) Two members to be appointed for four years; | |
| 60 | 82 | ||
| 61 | - | (2) | |
| 83 | + | (2) Two members to be appointed for three years; and | |
| 62 | 84 | ||
| 63 | - | (3) | |
| 85 | + | (3) Two members to be appointed for two years. | |
| 64 | 86 | ||
| 65 | - | ||
| 87 | + | The director of business, economic development, and tourism and the director of finance, or their designated representatives, and a representative of the governor's office, shall be ex officio, voting members. The corporation shall be headed by the board. | |
| 66 | 88 | ||
| 67 | - | §201H-C Hawaii residential developers loan revolving fund. (a) There is established the Hawaii residential developers loan revolving fund to be administered by the corporation. The proceeds of the funds shall be used to enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing for sale or rent to qualified residents as defined in section 201H-32. The proceeds of the funds shall not be used to provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers. | |
| 89 | + | (b) The board shall select a chairperson and vice chairperson from among its members; provided that the chairperson shall be a public member. The director of business, economic development, and tourism, director of finance, and the governor's representative shall be ineligible to serve as chairperson of the board. | |
| 90 | + | ||
| 91 | + | (c) Five voting members shall constitute a quorum, whose affirmative vote shall be necessary for all actions by the corporation. The members shall receive no compensation for services, but shall be entitled to necessary expenses, including travel expenses, incurred in the performance of their duties. | |
| 92 | + | ||
| 93 | + | § -5 General powers. (a) The corporation may: | |
| 94 | + | ||
| 95 | + | (1) Sue and be sued; | |
| 96 | + | ||
| 97 | + | (2) Have a seal and alter the same; | |
| 98 | + | ||
| 99 | + | (3) Make and execute contracts and other instruments necessary or convenient to the exercise of its powers; | |
| 100 | + | ||
| 101 | + | (4) Enhance credit; | |
| 102 | + | ||
| 103 | + | (5) Adopt bylaws and rules in accordance with chapter 91 for its organization, internal management, and to carry into effect its purposes, powers, and programs; and | |
| 104 | + | ||
| 105 | + | (6) Notwithstanding any law to the contrary, establish and collect fees for administrative expenses incurred by the corporation to process applications for loans, grants, services, and real estate documents related to the corporation's functions under this chapter. | |
| 106 | + | ||
| 107 | + | (b) In addition to other powers conferred upon it, the corporation may do all things necessary and convenient to carry out the powers expressly provided in this chapter. | |
| 108 | + | ||
| 109 | + | § -6 Hawaii residential developers loan revolving fund. (a) There is established the Hawaii residential developers loan revolving fund to be administered by the corporation. The proceeds of the funds shall be used to enhance credit and guarantee and insure loans made by private financial institutions to developers of residential housing for Hawaii residents who will be owner‑occupants and who own no other real property. The proceeds of the funds shall not be used to provide residential mortgage loans to consumers or guarantee or insure residential mortgage loans made to consumers. | |
| 68 | 110 | ||
| 69 | 111 | (b) The following may be deposited into the fund: | |
| 70 | 112 | ||
| 71 | 113 | (1) Appropriations made by the legislature; | |
| 72 | 114 | ||
| 73 | 115 | (2) Private contributions; | |
| 74 | 116 | ||
| 75 | 117 | (3) Repayment of loans, interest, other returns; and | |
| 76 | 118 | ||
| 77 | - | (4) Moneys from other sources. | |
| 119 | + | (4) Moneys from other sources. | |
| 78 | 120 | ||
| 79 | - | | |
| 121 | + | § -7 Bonds; authorization. (a) The corporation, with the approval of the governor, may issue from time to time bonds in amounts not exceeding the total amount of bonds authorized to be issued by the legislature for any of its corporate purposes. | |
| 80 | 122 | ||
| 81 | - | The sum appropriated shall be expended by the Hawaii housing finance and development corporation for the purposes of this Act. | |
| 123 | + | (b) All bonds shall be issued pursuant to part III of chapter 39, except as provided in this chapter. | |
| 124 | + | ||
| 125 | + | (c) The bonds shall be issued in the name of the corporation, and not in the name of the State. The final maturity date of the revenue bonds may be any date not exceeding years from the date of issuance. | |
| 126 | + | ||
| 127 | + | (d) Any pledge made by the corporation shall create a perfected security interest in the revenues or moneys so pledged and thereafter received by the corporation from and after the time that a financing statement with respect to the revenues or moneys so pledged and thereafter received shall be filed with the bureau of conveyances. Upon the filing, the revenues or moneys so pledged and thereafter received by the corporation shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be prior to the lien of all parties having claims of any kind in tort, contract, or otherwise against the corporation, irrespective of whether the parties have notice thereof. This section shall apply to any financing statement heretofore or hereafter filed with the bureau of conveyances with respect to any pledge made to secure bonds issued under this chapter. | |
| 128 | + | ||
| 129 | + | (e) Any loans guaranteed and insured by the corporation pursuant to this chapter shall constitute an "undertaking" within the meaning of that term as defined and used in part III, chapter 39. Any loan program that enhances credit or guarantees and insures loans made by private financial institutions to developers of residential housing required to be sold to Hawaii residents who will be owner-occupants and who own no other real property, and is authorized by and undertaken pursuant to this chapter shall constitute a "loan program" within the meaning of that term as defined and used in part III, chapter 39. The corporation shall constitute a "department" and the board shall constitute a "governing body" within the meaning of those terms as defined and used in part III, chapter 39. | |
| 130 | + | ||
| 131 | + | (f) Neither the members of the board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. | |
| 132 | + | ||
| 133 | + | § -8 Bonds; interest rate, price, and sale. (a) The bonds shall bear interest at rates payable at times that the corporation, with the approval of the governor, may determine except for deeply discounted bonds that are subject to redemption or retirement at their accreted value; provided that the discounted value of the bonds shall not exceed per cent of any issue; and provided further that no bonds may be issued without the approval of the director of finance and the governor. Notwithstanding any other law to the contrary, the corporation, subject to the approval of the director of finance and the governor, may issue bonds pursuant to section -6, in which the discounted value of the bonds exceeds per cent of the issue. | |
| 134 | + | ||
| 135 | + | (b) The corporation may include the costs of undertaking any loan program consistent with the purposes of this chapter for which the bonds are issued in determining the principal amount of bonds to be issued. In determining the costs of undertaking, the corporation may include the cost of studies and surveys; insurance premiums; underwriting fees; financial consultant, legal, accounting, and other services incurred; reserve account, trustee, custodian, and rating agency fees; and interest on the bonds for a period determined by the corporation, or the estimated expenditure of borrowed funds for any loan program consistent with the purposes of this chapter for which the bonds are issued. | |
| 136 | + | ||
| 137 | + | § -9 Trustee; designation, duties. (a) The corporation may designate a trustee for each issue of bonds secured under the same trust indenture; provided that the trustee shall be approved by the director of finance. | |
| 138 | + | ||
| 139 | + | (b) The trustee shall be authorized by the corporation to receive and receipt for, hold, and administer the proceeds of the bonds, and to apply the proceeds to the purposes for which the bonds are issued. | |
| 140 | + | ||
| 141 | + | (c) The trustee shall also be authorized by the corporation to hold and administer any Hawaii residential developers loan revolving funds established pursuant to section -6. The trustee may receive and receipt for, hold, and administer the revenues derived by the corporation pursuant to this chapter. The trustee shall apply the revenues to pay any costs of administering and operating the loan program consistent with the purposes of this chapter; to pay the principal of and the interest on issued bonds; to the establishment of reserves; and to other purposes as may be authorized in the proceedings providing for the issuance of the bonds. | |
| 142 | + | ||
| 143 | + | (d) Notwithstanding section 39-68, the director of finance may appoint the trustee to serve as fiscal agent for: | |
| 144 | + | ||
| 145 | + | (1) The payment of the principal of and interest on the bonds; and | |
| 146 | + | ||
| 147 | + | (2) The purchase, registration, transfer, exchange, and redemption of the bonds. | |
| 148 | + | ||
| 149 | + | (e) The trustee shall perform additional functions with respect to the payment, purchase, registration, transfer, exchange, and redemption, as the director of finance may deem necessary, advisable, or expeditious, including the holding of the bonds and coupons, if any, that have been paid and the supervision of their destruction in accordance with law. | |
| 150 | + | ||
| 151 | + | (f) Nothing in this chapter shall limit or be construed to limit the powers granted to the director of finance in sections 36‑3, 39-13, and 39-68(a), to appoint the trustee or others as fiscal agents, paying agents, and registrars for the bonds or to authorize and empower those fiscal agents, paying agents, and registrars to perform the functions referred to in those sections. | |
| 152 | + | ||
| 153 | + | § -10 Trust indenture. (a) A trust indenture may contain covenants and provisions authorized by part III of chapter 39, and as deemed necessary or convenient by the corporation for the purposes of this chapter. | |
| 154 | + | ||
| 155 | + | (b) A trust indenture may allow the corporation to pledge and assign to the trustee agreements related to the corporation's undertaking of a loan program consistent with the purposes of this chapter and the rights of the corporation thereunder, including the right to receive revenues thereunder and to enforce the provision thereof. | |
| 156 | + | ||
| 157 | + | (c) Where a trust indenture provides that any bond issued under that trust indenture is not valid or obligatory for any purpose unless certified or authenticated by the trustee, all signatures of the officers of the State upon the bonds required by section 39-56 may be facsimiles of their signatures. | |
| 158 | + | ||
| 159 | + | (d) A trust indenture shall also contain provisions as to: | |
| 160 | + | ||
| 161 | + | (1) The investment of the proceeds of the bonds, the investment of any reserve for the bonds, and the use and application of the earnings from investments; and | |
| 162 | + | ||
| 163 | + | (2) The terms and conditions upon which the holders of the bonds or any portion of them or any trustee thereof may institute proceedings for the enforcement of any agreement or any note or other undertaking, obligation, or property securing the payment of the bonds and the use and application of the moneys derived therefrom. | |
| 164 | + | ||
| 165 | + | (e) A trust indenture may also contain provisions deemed necessary or desirable by the corporation to obtain or permit, by grant, interest subsidy, or otherwise, the participation of the federal government in enhancing credit or guaranteeing and insuring loans made by private financial institutions to developers of residential housing required to be sold to Hawaii residents who will be owner-occupants and who own no other real property." | |
| 166 | + | ||
| 167 | + | SECTION 2. The director of finance is authorized to issue general obligation bonds in the sum of $200,000,000 or so much thereof as may be necessary and the same sum or so much thereof as may be necessary is appropriated for fiscal year 2024-2025 for the purpose of funding the Hawaii residential developers loan revolving fund established pursuant to section -6, Hawaii Revised Statutes. | |
| 82 | 168 | ||
| 83 | 169 | SECTION 3. The appropriation made for the capital improvement project authorized by this Act shall not lapse at the end of the fiscal biennium for which the appropriation is made; provided that all moneys from the appropriation unencumbered as of June 30, 2026, shall lapse as of that date. | |
| 84 | 170 | ||
| 85 | 171 | SECTION 4. This Act shall take effect on July 1, 2024. | |
| 86 | 172 | ||
| 87 | - | Report Title: HHFDC; Hawaii Residential Developers Loan Revolving Fund; Housing; Developers; Credit Enhancement; Loan Guarantees; GO Bonds; Appropriation Description: Establishes the Hawaii Residential Developers Loan Revolving Fund to be administered by the Hawaii Housing Finance and Development Corporation for the purpose of enhancing credit and guaranteeing and insuring loans made by private financial institutions to developers of residential housing for sale or rent to qualified residents. Authorizes the Director of Finance to issue general obligation bonds to fund the Hawaii Residential Developers Loan Revolving Fund. Makes an appropriation. (SD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. | |
| 173 | + | ||
| 174 | + | ||
| 175 | + | INTRODUCED BY: _____________________________ | |
| 176 | + | ||
| 177 | + | INTRODUCED BY: | |
| 178 | + | ||
| 179 | + | _____________________________ | |
| 180 | + | ||
| 181 | + | ||
| 182 | + | ||
| 183 | + | ||
| 184 | + | ||
| 185 | + | Report Title: Hawaii Residential Developers Loan Corporation; Housing; Developers; Credit Enhancement; Loan Guarantees; Bonding Authority; Hawaii Residential Developers Loan Revolving Fund; GO Bonds; Appropriation Description: Establishes the Hawaii Residential Developers Loan Corporation and the Hawaii Residential Developers Loan Revolving Fund for the purpose of enhancing credit and guaranteeing and insuring loans made by private financial institutions to developers of residential housing for Hawaii residents who will be owner‑occupants and who own no other real property. Authorizes the Director of Finance to issue general obligation bonds to fund the Hawaii Residential Developers Loan Revolving Fund. Makes an appropriation. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. | |
| 186 | + | ||
| 187 | + | ||
| 88 | 188 | ||
| 89 | 189 | ||
| 90 | 190 | ||
| 91 | 191 | ||
| 92 | 192 | ||
| 93 | 193 | Report Title: | |
| 94 | 194 | ||
| 95 | - | ||
| 195 | + | Hawaii Residential Developers Loan Corporation; Housing; Developers; Credit Enhancement; Loan Guarantees; Bonding Authority; Hawaii Residential Developers Loan Revolving Fund; GO Bonds; Appropriation | |
| 96 | 196 | ||
| 97 | 197 | ||
| 98 | 198 | ||
| 99 | 199 | Description: | |
| 100 | 200 | ||
| 101 | - | Establishes the Hawaii Residential Developers Loan Revolving Fund | |
| 201 | + | Establishes the Hawaii Residential Developers Loan Corporation and the Hawaii Residential Developers Loan Revolving Fund for the purpose of enhancing credit and guaranteeing and insuring loans made by private financial institutions to developers of residential housing for Hawaii residents who will be owner‑occupants and who own no other real property. Authorizes the Director of Finance to issue general obligation bonds to fund the Hawaii Residential Developers Loan Revolving Fund. Makes an appropriation. | |
| 102 | 202 | ||
| 103 | 203 | ||
| 104 | 204 | ||
| 105 | 205 | ||
| 106 | 206 | ||
| 107 | 207 | ||
| 108 | 208 | ||
| 109 | 209 | The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. |