STAND. COM. REP. NO.855
Honolulu, Hawaii
, 2001
RE: S.B. No. 1018
S.D. 1
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Ways and Means, 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 measure is to facilitate the purchase of leased fee interests under the land reform law.
Your Committee finds that this measure accomplishes these goals by:
(1) Limiting the costs assessable against the lessee to the lessee's prorated share of the direct costs of acquisition;
(2) Authorizing use of moneys in the Fee Simple Residential Revolving Fund for indirect costs incurred in the administration of the land reform program; and
(3) Helping qualified lessees to purchase their fee interest by limiting their costs.
Your Committee further finds that since the land reform program went into effect, over 14,600 lessees have been helped in acquisition of the leased fee interest in their houselots. The reduction in number of lessees, however, has proportionately increased the pro-rata share that each of the lessees must pay to the Housing and Community Development Corporation's costs and fees. This measure would reduce the cost to the lessees by assessing lessees for direct costs only and allow the program to continue to assist qualified lessees in purchasing the leased fee interest in their residential houselots.
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 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 Ways and Means,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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