STAND. COM. REP. NO.  1058

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 667

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 667 entitled:

"A BILL FOR AN ACT RELATING TO KUKUI GARDENS RENTAL HOUSING COMPLEX,"

begs leave to report as follows:

     The purpose of this bill is to preserve affordable housing in Honolulu by appropriating funds to finance condemnation proceedings to ensure that the Kukui Gardens Rental Housing Complex will continue to offer apartments at affordable rental rates in perpetuity.

     The Hawaii Family Forum and Roman Catholic Church in the State of Hawaii testified in support of this bill.  The Hawaii Housing Finance and Development Corporation (HHFDC) offered comments.

     Your Committee has amended this bill by:

     (1)  Inserting provisions that allow the Director of Finance to adjust the ceiling on the amount of revenue bonds issued by the State, which raises the amount of revenue bonds that may be issued by HHFDC from $300,000,000 to $400,000,000;

     (2)  Inserting an appropriation for the purchase of a property interest in all or a portion of the land and improvements at Kukui Gardens;

     (3)  Changing the effective date to July 1, 2020, to encourage further discussion; and

     (4)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

     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. 667, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 667, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair