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. 1021 entitled:

begs leave to report as follows:

The purpose of this bill is to support the development of affordable rental housing in the State.

Specifically, the bill authorizes the Housing and Community Development Corporation of Hawaii to issue up to $30,000,000 in revenue bonds to fund the Rental Housing Trust Fund.

Your Committee finds that the Rental Housing Trust Fund provides loans or grants for the pre-development, development, construction, acquisition, preservation, and substantial rehabilitation of rental housing units that provide housing for individuals and families with incomes at or below sixty per cent of the median income. Since its establishment, the Rental Housing Trust Fund has helped to develop over seventeen hundred affordable rental units. Your Committee further finds this bill will help the Housing and Community Development Corporation of Hawaii address an estimated eleven thousand affordable rental units that are predicted to be needed over the next five years.

Your Committee has amended the bill by making technical nonsubstantive changes for purposes of style and clarity.

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. 1021, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1021, S.D. 1.