STAND. COM. REP. NO. 776________

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 550
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
550 entitled: 

     "A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF GENERAL
     OBLIGATION BONDS AND MAKING AN APPROPRIATION FOR THE RENTAL
     HOUSING TRUST FUND,"

begs leave to report as follows:

     The purpose of this bill is to encourage the development and
increase availability of low income rental housing throughout the
State by authorizing the issuance of general obligation bonds and
appropriating it to the Rental Housing Trust Fund.

     The Honolulu Community Action Program, Inc., Catholic
Charities Elderly Services, the Institute for Human Services,
Hawaii Catholic Conference, Health Care for the Homeless Project,
and an individual testified in support of this measure.  The
Governor's Office testified in support of the intent of the
measure.  The Housing and Community Development Corporation of
Hawaii commented on the measure.

     Your Committee has amended this measure by:

     (1)  Changing the appropriation to $1 to facilitate further
          discussion; and

     (2)  Making technical, nonsubstantive amendments for
          purposes of clarity and style.


 
 
                                 STAND. COM. REP. NO. 776________
                                 Page 2

 
     As affirmed by the record of votes of the members of your
Committee on Finance that is attached to this report, your
Committee is in accord with the intent and purpose of H.B. No.
550, as amended herein, and recommends that it pass Third Reading
in the form attached hereto as H.B. No. 550, H.D. 1.

                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Finance,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair