Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Human Services and Housing, to which was referred S.B. No. 2708, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to authorize the Housing and Community Development Corporation (HCDCH) to waive the three-year buyback requirement for the sale of affordable housing until December 31, 2004, when the ten-year buyback requirement is reinstated.

HCDCH testified in support of this measure.

Your Committee finds that waiver of the three-year buyback provision is needed in the current market to allow developers of affordable housing projects to compete on a level playing field, and that more jobs and affordable housing opportunities will thereby be made available.

As affirmed by the record of votes of the members of your Committee on Human Services and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2708, S.D. 1, and recommends that it pass Second Reading and be referred to the Committee on Finance.