STAND. COM. REP. NO. 1584

                                   Honolulu, Hawaii
                                                     , 1999

                                   RE:  H.B. No. 1017
                                        H.D. 1
                                        S.D. 2




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B.
No. 1017, H.D. 1, S.D. 1, entitled: 

     "A BILL FOR AN ACT RELATING TO THE HOUSING LOAN AND MORTGAGE
     PROGRAM,"

begs leave to report as follows:

     The purpose of this bill is to authorize the issuance of
bonds for the repair and maintenance of public housing, the Hula
Mae program, and the rental housing trust fund.

     The bill also provides assistance to mortgagees facing
employment difficulties.

     Specifically, the bill authorizes the issuance of bonds for:

     (1)  The repair and maintenance of state-owned public
          housing for a bond term of five to ten years;

     (2)  An increase in the bond ceiling of the Hula Mae
          mortgage loan program; and

     (3)  The rental housing trust fund.

     The bill also requires banks, savings banks, savings and
loan associations, financial services loan companies, and credit

 
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                                   STAND. COM. REP. NO. 1584
                                   Page 2


unions to restructure mortgages for mortgagees facing employment
and foreclosure difficulties.

     Your Committee has amended the bill by removing sections 3
through 7 of the bill relating to mortgagee loan restructuring
and retaining the sections relating to the issuance of bonds.
Your Committee has also made technical changes that have no
substantive effect.

     As affirmed by the record of votes of the members of your
Committee on Ways and Means that is attached to this report, your
Committee is in accord with the intent and purpose of H.B. No.
1017, H.D. 1, S.D. 1, as amended herein, and recommends that it
pass Third Reading in the form attached hereto as H.B. No. 1017,
H.D. 1, S.D. 2.

                                 Respectfully submitted on behalf
                                 of the members of the Committee
                                 on Ways and Means,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
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