STAND. COM. REP. NO. 348

Honolulu, Hawaii

RE:    S.B. No. 823

       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. 823 entitled:

"A BILL FOR AN ACT RELATING TO SPECIAL PURPOSE REVENUE BONDS,"

begs leave to report as follows:

     The purpose of this measure is to authorize the issuance of special purpose revenue bonds to build infrastructure for low- and moderate-income housing projects.

     Testimony in support of this measure was received from the National Alliance on Mental Illness-O‘ahu and the Hawaii Association of Realtors.

     Your Committee finds that this measure is one mechanism that will assist in increasing the supply of affordable housing for low- and moderate-income families.  This measure specifically adds the infrastructure of a low- and moderate-income housing projects to the types of projects for which the use of special purpose revenue bonds is allowed under part IX, chapter 39A, Hawaii Revised Statutes.

     Your Committee has amended this measure to change the effective date to July 1, 2050, to encourage further discussion on this issue.

     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. 823, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 823, 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,

____________________________

BRIAN T. TANIGUCHI, Chair