RESOLUTION

WHEREAS, Hawaii historically lags behind the national rate of homeownership. Homeownership rates on Oahu have hovered around fifty-five per cent over the past ten years. In comparison, national rates have been around sixty-five per cent; and

WHEREAS, homeownership strengthens communities. Homeowners typically live in one location four times longer than renters and are more likely than renters to vote and to volunteer in their community schools, neighborhood associations, and other community organizations renters; and

WHEREAS, homeownership strengthens families. Homeowners have twelve times more equity than comparable renters – sixty-six per cent of the equity is in the value of their home. Homeowners' children are more likely to go to college and more likely to become homeowners themselves; and

WHEREAS, homeownership is good for business. Assisting two hundred fifty new homeowners will result in $16,000,000 to lenders over a ten-year period. Building two hundred fifty single family homes will create six hundred twelve full-time jobs in construction, transportation, and trade; and

WHEREAS, an estimated twenty-seven thousand households who rent on Oahu could qualify for a mortgage. Another thirteen thousand renter households would be eligible for a mortgage if they reduced their level of debt; and

WHEREAS, market research in Hawaii identified five major barriers to homeownership:

and

WHEREAS, homeownership centers in other communities throughout the nation have been successful in reaching lower income and underrepresented groups of new homeowners; and

WHEREAS, the Hawaii HomeOwnership Center is a newly incorporated nonprofit corporation that will serve as a "one stop shop" for assisting individuals and families in becoming successful homeowners and thereby will significantly increase the number of homeowners in Hawaii. The Hawaii HomeOwnership Center is being assisted by the Neighborhood Reinvestment Corporation, a Congressionally-chartered, nonprofit corporation that works toward increasing homeownership for low- and moderate-income buyers; and

WHEREAS, over seventy volunteers representing lenders, realtors, insurance companies, developers, housing advocates, nonprofit agencies, and government continue to work to develop the Hawaii HomeOwnership Center; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-second Legislature of the State of Hawaii, Regular Session of 2003, the Senate concurring, that the Legislature supports and encourages the establishment and operation of the Hawaii HomeOwnership Center; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Governor, the mayors of the several counties, the Director of the Neighborhood Reinvestment Corporation, and the Director of the Hawaii HomeOwnership Center.

Report Title:

Homeownership Center