Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Enable Credit Enhancement For Construction Loans Under Any Funds Administered By The Corporation.
Impact
The adoption of SCR61 is expected to create a notable impact on state laws related to housing finance and development. By enabling credit enhancement through HHFDC's funds, the resolution could lead to lower costs associated with construction loans. The anticipated outcome is a more sustainable approach to housing development, allowing for more projects to proceed that might otherwise be financially unfeasible due to high costs. This change in financial strategy may offer long-term benefits for addressing Hawaii's critical housing shortages and affordability issues.
Summary
SCR61 is a Senate Concurrent Resolution requesting the Hawaii Housing Finance and Development Corporation (HHFDC) to adopt administrative rules that would enable credit enhancement for construction loans under any funds administered by the Corporation. This legislative move aims to address the persistent issue of high housing development costs, exacerbated by rising interest rates, which have significantly strained developers, ultimately impacting residents' housing costs. By facilitating credit enhancements, the resolution seeks to reduce financing burdens for housing projects, thereby promoting affordable housing development in Hawaii.
Sentiment
The sentiment surrounding SCR61 appears supportive, as it addresses a pressing crisis regarding housing affordability. Advocates for the bill generally view it positively, emphasizing the need for innovative solutions to financing challenges faced by housing developers. However, while there may be support from various stakeholders, concerns may arise regarding the effectiveness of such enhancements and whether they will sufficiently alleviate the high cost of housing development. Still, the general consensus seems to favor the exploration of alternative financing solutions for better housing opportunities.
Contention
While SCR61 aims to alleviate financial pressures in housing construction, there may be contention regarding the practical implications of credit enhancements. Stakeholders may have differing opinions about the potential risks involved for state funds and whether such enhancements could lead to under-regulation of construction standards or other unforeseen consequences. The balance between facilitating housing development and ensuring adequate oversight will likely be a focal point of discussion as the bill progresses through the legislative process.
Same As
Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Enable Credit Enhancement For Construction Loans Under The Rental Housing Revolving Fund.
Same As
Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Enable Credit Enhancement For Construction Loans Under Any Funds Administered By The Corporation.
Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Enable Credit Enhancement For Construction Loans Under Any Funds Administered By The Corporation.
Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Enable Credit Enhancement For Construction Loans Under The Rental Housing Revolving Fund.
Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules To Enable Credit Enhancement For Construction Loans Under 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.
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.
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 Adopt Administrative Rules To Create A Process Under Section 201h-38, Hawaii Revised Statutes, For Housing Projects Exclusively Occupied By Hawaii Residents Who Own No Other Real Property.
Requesting The Hawaii Housing Finance And Development Corporation To Adopt Administrative Rules That Preempt The Counties From Imposing Residential Income Requirements On Housing Projects Subject To Section 201h-38, Hawaii Revised Statutes, That Are Lower Than Those Adopted Or Established By The State.