STAND. COM. REP. NO.227
Honolulu, Hawaii
, 2001
RE: H.B. No. 542
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committees on Human Services and Housing and Water and Land Use, to which was referred H.B. No. 542 entitled:
"A BILL FOR AN ACT RELATING TO THE FEE SIMPLE RESIDENTIAL REVOLVING FUND,"
beg leave to report as follows:
The purpose of this bill is to:
(1) Require participating lessees to reimburse the Fee Simple Residential Revolving Fund (FSRRF) for direct costs only;
(2) Clarify that lessees' deposits are placed into individual interest bearing accounts, and not the FSRRF; and
(3) Provide that the FSRRF absorb indirect costs incurred through the administration of the Land Reform Program.
Testimony in support of this measure was submitted by the Housing and Community Development Corporation of Hawaii (HCDCH).
The Land Reform Program has assisted over 14,600 lessees to acquire the leased fee interest in their house lots. Because of the success of this program, the number of participating lessees has decreased.
Consequently, the lessee's pro rata share of HCDCH's costs and fees have increased. This has resulted in thousands of dollars in assessments to the lessees, often making participating in the Land Reform Program prohibitive. Your Committees find that this measure will reduce lessees' costs and possibly encourage more participation in the program.
As affirmed by the records of votes of the members of your Committees on Human Services and Housing and Water and Land Use that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 542 and recommend that it pass Second Reading and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committees on Human Services and Housing and Water and Land Use,
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____________________________ EZRA KANOHO, Chair |
____________________________ MICHAEL P. KAHIKINA, Chair |
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