Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2964 entitled:

begs leave to report as follows:

The purpose of this bill is to encourage the development of affordable housing by authorizing the Hawaii Housing Finance and Development Administration to lease land to qualified nonprofit organizations for $1 per year for up to 99 years.

The Housing and Community Development Corporation supported the intent of this bill and suggested that due to the ceded lands lawsuit, ceded lands be excluded from the land leases allowed under this bill.

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. 2964, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2964, H.D. 1.