HRS §516-45
State borrowing to buy land for housing programs
The state finance director can sell bonds, with legislative approval, to get money for buying residential lots or exchange properties for housing programs. Until the bond money arrives, the state can lend money from its general fund, which must be paid back once the bonds are sold.
homebuyersstate agencies
The statute, as written — General obligation bonds
The director of finance may, from time to time, issue general obligation bonds in such amounts as may be authorized by the legislature, for the purpose of acquisition by the Hawaii housing finance and development corporation of residential houselots within development tracts pursuant to chapter 516, part II or for the acquisition of suitable properties to exchange pursuant to section 516-24.5 or for the acquisition by the department of land and natural resources under section 171-50.1 of suitable properties for exchange pursuant to section 171-50.2 to effectuate the purpose of this chapter. Pending the receipt of funds from the issuance and sale of general obligation bonds, amounts required within the limits of legislative authorization may be advanced to the Hawaii housing finance and development corporation from the general fund of the State. Upon the receipt of the bond funds, the general fund shall be reimbursed the amount advanced.
Sections this one refers to
§171-50.1 Buying private land to trade for leasehold conversion
§171-50.2 Swapping public land for private land in lease-to-fee conversions
§516-24.5 Land exchanges for housing development
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