Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2450 entitled:

begs leave to report as follows:

The purpose of this bill is to enable affordable housing projects to be competitive in the current real estate market by allowing the Housing and Community Development Corporation of Hawaii (HCDCH) to waive the statutory three-year buyback provision until December 31, 2004.

HCDCH testified in support of this measure.

Your Committee has amended this bill by:

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 H.B. No. 2450, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2450, H.D. 1.