STAND. COM. REP. NO.  931-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 2662

      H.D. 2

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 2662, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO AFFORDABLE HOUSING,"

begs leave to report as follows:

     The purpose of this bill is to encourage the development of for-sale condominium projects by exempting new, privately financed, multi-family housing condominium developments of 75 units or more per acre on privately-owned lands from certain affordable housing requirements.  Specifically, this bill:

     (1)  Exempts these developments from the shared appreciation equity program; and

     (2)  Reduces the 10-year transfer restriction and occupancy requirements to three years.

     The Hawaii Housing Finance and Development Corporation and a concerned individual testified in support of this bill.  The City and County of Honolulu Department of Community Services opposed this measure.  A concerned individual provided comments.

     Your Committee has amended this bill by 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. 2662, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2662, H.D. 2.

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

____________________________

MARCUS R. OSHIRO, Chair