STAND. COM. REP. NO. 307
Honolulu, Hawaii
RE: S.B. No. 1987
S.D. 1
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fourth State Legislature
Regular Session of 2007
State of Hawaii
Madam:
Your Committee on Commerce, Consumer Protection, and Affordable Housing, to which was referred S.B. No. 1987 entitled:
"A BILL FOR AN ACT RELATING TO AFFORDABLE RENTAL HOUSING,"
begs leave to report as follows:
The purpose of this measure is to authorize the issuance of general obligation bonds in the sum of $55,000,000 to acquire an interest in Kukui Gardens.
Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation and the Housing Committee of Faith Action for Community Equity.
Your Committee finds that this measure will assist in maintaining the long-term use of Kukui Gardens as affordable rentals by authorizing the issuance of general obligation bonds to allow the State to acquire an interest in Kukui Gardens. Your Committee recognizes the housing crisis that the State is currently facing and this measure will serve as one mechanism in attempting to mitigate this crisis.
Your Committee has amended this measure by including a purpose section to specify that the general obligation bonds are for the purpose of purchasing real estate, by deleting the specific amount, and by changing the effective date to July 1, 2050, to encourage further discussion.
As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection, and Affordable Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1987, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1987, S.D. 1, and be referred to the Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection, and Affordable Housing,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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