Hawaii Senate Bill SCR45

Hawaii 2024 Regular Session

• Introduced: 3/7/24
• Refer: 3/14/24
• Refer: 3/15/24
• Report Pass: 3/28/24
• Engrossed: 4/1/24
• Refer: 4/4/24
• Report Pass: 4/12/24
• Refer: 4/12/24
• Report Pass: 4/22/24
• Passed: 4/25/24

Caption

Urging The Director Of Finance To Adopt Administrative Rules To Define "beneficial Effects To The State" In Section 38-2, Hawaii Revised Statutes, To Include The Financing Of Housing.

Impact

If enacted, this resolution would provide a framework for implementing rules that recognize housing financing as a beneficial state concern, potentially reshaping how state financial resources are allocated. This could lead to significant increases in investments in housing infrastructure, ultimately impacting the availability of affordable housing units in Hawaii. By incentivizing local depositories to support housing development financially, the bill seeks to leverage state treasury funds for public good, aligning with the broader public policy objectives surrounding housing accessibility.

Summary

Senate Concurrent Resolution SCR45 urges the Director of Finance to adopt administrative rules that define 'beneficial effects to the State' in Section 38-2 of the Hawaii Revised Statutes to include the financing of housing. The bill highlights the ongoing housing supply issue in Hawaii and emphasizes the need for the state to expand financing options to facilitate the availability of housing for residents. By categorizing financing for housing as beneficial, the bill aims to encourage financial institutions to invest in affordable housing projects, thereby addressing the housing shortage faced by the community.

Sentiment

The sentiment around SCR45 appears to be predominantly supportive, reflecting a recognition of the housing crisis in Hawaii and a willingness to seek innovative solutions. Legislators and stakeholders understand the importance of defining beneficial impacts, which could lead to a more proactive approach in addressing the housing shortage. However, there may also be concerns about the implications of such definitions on financial institutions and their lending practices, with caution warranted in ensuring that the rules promote equitable access to housing.

Contention

While there is general agreement on the need for increased housing financing, there may be contention regarding the details of how 'beneficial effects' are defined and applied. Stakeholders could raise concerns about the influence of this resolution on banking practices, whether these changes would lead to favorable lending terms for housing developers, or whether they might inadvertently favor certain interests over others. The ongoing discussion around the balance of financial incentives versus regulatory oversight could define the future of housing financing in Hawaii.