Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 1021 entitled:

begs leave to report as follows:

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

Testimony in support of the measure was received from the Housing and Community Development Corporation of Hawaii, Rental Housing Trust Fund Advisory Commission, Special Assistant to the Governor for Housing, City and County of Honolulu, Catholic Charities Elderly Services, Hawaii Catholic Conference, Gregory House Programs, Affordable Housing and Homeless Alliance, and Health Care for the Homeless Project.

The Rental Housing Trust Fund (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 Fund has helped to develop over seventeen hundred affordable rental units.

Your Committee finds that eleven thousand affordable rental units will be needed over the next five years. In order to address this need, this measure authorizes the HCDCH to issue up to thirty million dollars in revenue bonds to fund the Fund.

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1021 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.