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.
Impact
The proposed changes in this resolution aim to shift the current state housing policies to prioritize projects on state or county-owned lands and those that commit to perpetual affordability. The resolution advocates for targeting assistance towards developers who demonstrate financial responsibility and readiness to repay loans, which could free up funds for additional housing projects. This shift in priorities is expected to result in a stronger housing market capable of addressing the critical demand for affordable housing in the state.
Summary
Senate Resolution 31 urges the Hawaii Housing Finance and Development Corporation (HHFDC) to amend its allocation priorities for Low-Income Housing Tax Credits (LIHTC) and the use of funds from the Rental Housing Revolving Fund. The resolution emphasizes the need for HHFDC to adopt administrative rules that incentivize affordable housing development in Hawaii. By adjusting these priorities, the resolution seeks to enhance the efficiency of taxpayer dollars and better address Hawaii's ongoing housing crisis. The focus is on ensuring long-term affordability and utilizing profits from developments to create future housing opportunities.
Sentiment
Overall, the sentiment surrounding SR31 appears to be positive among advocates for affordable housing, who view it as a necessary step towards addressing the housing crisis. The resolution highlights the shortcomings of the current LIHTC structure, which has been criticized for benefiting developers excessively while failing to reinvest gains into new housing. Thus, proponents of the resolution believe that revising allocation policies will promote better outcomes for low-income residents and ensure that housing remains accessible.
Contention
There are notable points of contention regarding the current implementation of LIHTC programs, particularly the reliance on taxpayer funding without adequate return on investment in terms of ongoing affordable housing. Developers receiving these credits often achieve financial gains while only providing a limited number of low-income units, leading to frustrations among lawmakers and constituents alike. The resolution proposes that prioritization for financial support should be restructured to ensure that profits are used to build more housing rather than enriching developers, which may create divergent opinions among stakeholders in the housing sector.
Same As
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 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 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.