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.

This Senate Resolution asks the Director of Finance to officially define "beneficial effects to the State" in state investment laws to include financing for housing. The bill proposes that banks and financial institutions should be viewed as having a positive impact on Hawaii if they provide loans with favorable terms to housing developers. By clarifying this definition in administrative rules, the state aims to encourage more public funds to be invested in entities that can help lower development costs and increase affordable housing. The resolution directly affects the Director of Finance, who is urged to create these new guidelines, and financial depositories that might benefit from such a policy shift.