Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2528, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to support and make modifications to the loss mitigation grant program.

This bill:

The State's loss mitigation grant program was established to encourage the installation of wind resistive devices in residential property. The program reimburses homeowners for fifty per cent of their costs to purchase, install, and inspect wind resistive devices, up to a maximum amount of $2,100.

This measure reduces the State's match from fifty per cent to thirty-five per cent of the homeowner's cost, consistent with the thirty-five per cent solar energy system tax credit, repeals the authorization for reimbursement of inspection costs, and appropriates $1,000,000 in general revenues for the program.

Your Committee finds the measure will reduce the program's administrative costs and enable the award of a greater number of grants.

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. 2528, S.D. 1, and recommends that it pass Third Reading.