STAND. COM. REP. NO.1346
Honolulu, Hawaii
, 2001
RE: S.B. No. 1018
S.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Finance, to which was referred S.B. No. 1018, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE FEE SIMPLE RESIDENTIAL REVOLVING FUND,"
begs leave to report as follows:
The purpose of this bill is to reduce the costs for lessees who participate in the Housing and Community Development Corporation of Hawaii's (HCDCH) Land Reform Program (Program) by:
(1) Requiring participating lessees to reimburse the Fee Simple Residential Revolving Fund (Fund) for direct costs only;
(2) Clarifying that lessees' deposits are placed into individual interest bearing accounts and not into the Fund; and
(3) Providing that the Fund absorb indirect costs incurred through the administration of the Program.
HCDCH testified in support of this measure.
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 S.B. No. 1018, S.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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