Urging The Hawaii Housing Finance And Development Corporation To Amend The Priority For Which Low-income Housing Tax Credits Are Allocated And Monies In The Rental Housing Revolving Fund Are Used And Adopt Certain Administrative Rules That Incentivize The Development Of Affordable Housing In The State.
Impact
The bill aims to reform current mechanisms in state law governing the allocation of LIHTC and the operations of the Rental Housing Revolving Fund. By prioritizing projects on state-owned land and those with a commitment to long-term affordability, the proposed resolutions intend to foster a housing market that not only provides immediate relief through affordable units but also ensures sustainable growth in the housing sector that can leverage returns for continual investment in new projects. This aligns state priorities more closely with the pressing needs of low-income residents.
Summary
SCR43 urges the Hawaii Housing Finance and Development Corporation (HHFDC) to amend its policies related to the allocation of Low-Income Housing Tax Credits (LIHTC) and the use of funds from the Rental Housing Revolving Fund. The resolution seeks to incentivize the development of affordable housing by prioritizing certain projects and administrative rules that promote long-term affordability. Notably, it highlights the need for changes to ensure that taxpayer money is utilized efficiently in addressing Hawaii's ongoing housing crisis, which has been exacerbated by the current system that often benefits real estate developers at the expense of public funds.
Sentiment
General sentiment surrounding SCR43 appears to be supportive of increased accountability in housing development. Advocates emphasize the urgency of reform and the potential benefits of reallocating tax credits and loan funds to responsible developers who commit to re-investing profits into housing. However, there may also be concerns among some stakeholders regarding the potential effects on existing developers, some of whom may view the proposed changes as overly restrictive or negatively impacting their financial models.
Contention
Debate around SCR43 could focus on the balance between encouraging private sector involvement in affordable housing and ensuring that public funds lead to tangible benefits for the state's residents. Critics may argue that the resolution could stifle current developments or deter investment in the long-term by imposing stricter requirements. Others may contend that more robust measures are necessary to prevent the ongoing problem of developers benefiting from taxpayer funds without a sustainable commitment to serve low-income communities.
Same As
Urging The Hawaii Housing Finance And Development Corporation To Amend The Priority For Which Low-income Housing Tax Credits Are Allocated And Moneys In The Rental Housing Revolving Fund Are Used And To Adopt Certain Administrative Rules That Incentivize The Development Of Affordable Housing In The State.
Urging The Hawaii Housing Finance And Development Corporation To Amend The Priority For Which Low-income Housing Tax Credits Are Allocated And Moneys In The Rental Housing Revolving Fund Are Used And To Adopt Certain Administrative Rules That Incentivize The Development Of Affordable Housing In The State.
Urging The Hawaii Housing Finance And Development Corporation To Prioritize The Allocation Of Funds From The Rental Housing Revolving Fund, Dwelling Unit Revolving Fund, And Low-income Housing Tax Credits For Projects That Will Make The Most Efficient Use Of Taxpayer Funds And Address The Most Urgent State Priorities.
Urging The Hawaii Housing Finance And Development Corporation To Revise The Prioritization And Evaluation And Ranking Criteria For Its Allocation Of Low-income Housing Tax Credits And Awards From The Rental Housing Revolving Fund.
Urging The Hawaii Housing Finance And Development Corporation To Prioritize The Allocation Of Funds From The Rental Housing Revolving Fund, Dwelling Unit Revolving Fund, And Low-income Housing Tax Credits For Projects That Will Make The Most Efficient Use Of Taxpayer Funds And Address The Most Urgent State Priorities.
Urging The Hawaii Housing Finance And Development Corporation To Revise The Prioritization And Evaluation And Ranking Criteria For Its Allocation Of Low-income Housing Tax Credits And Awards From The Rental Housing Revolving Fund.
Urging The Hawaii Housing Finance And Development Corporation To Revise The Prioritization And Evaluation And Ranking Criteria For Its Allocation Of Low-income Housing Tax Credits And Awards From The Rental Housing Revolving Fund.
Urging The Hawaii Housing Finance And Development Corporation To Revise The Prioritization And Evaluation And Ranking Criteria For Its Allocation Of Low-income Housing Tax Credits And Awards From The Rental Housing Revolving Fund.
Urging The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Prohibit Rental Housing Revolving Fund Loan Forgiveness Unless The Corporation Repossesses The Project.
Urging The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Prohibit Rental Housing Revolving Fund Loan Forgiveness Unless The Corporation Repossesses The Project.