Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2572, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize the issuance of special purpose revenue bonds to assist not-for-profit organizations in the development of low and moderate income housing.

Your Committee finds that this measure will allow access to funds for affordable housing projects and infrastructure at less than the prevailing market rates. For large projects, the cost savings from lower interest rates could be quite substantial.

Your Committee has amended this measure by making technical nonsubstantive amendments for purposes of style, clarity, and consistency.

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. 2572, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2572, S.D. 2.