Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committees on Hawaiian Affairs and Housing, to which was referred H.B. No. 1413 entitled:

beg leave to report as follows:

The purpose of this bill is to increase the opportunities of native Hawaiian lessees of Hawaiian home lands to mortgage their leasehold interest by allowing lending institutions to make mortgage loans on Hawaiian home lands that are insured or guaranteed by private mortgage insurance acceptable to the Hawaiian Homes Commission (HHC).

The Department of Hawaiian Home Lands and American Savings Bank testified in support of this measure.

Your Committees find that the inclusion of acceptable private mortgage insurance as approved by HHC, would serve to greatly increase the amount of options to obtain a loan, thereby assisting native Hawaiians in obtaining a homestead lease.

As affirmed by the records of votes of the members of your Committees on Hawaiian Affairs and Housing that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1413 and recommend that it pass Second Reading and be referred to the Committee on Finance.