STAND. COM. REP. NO.  1233-08

Honolulu, Hawaii

                , 2008

RE:   S.B. No. 2293

      S.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committees on Water, Land, Ocean Resources & Hawaiian Affairs and Human Services & Housing, to which was referred S.B. No. 2293, S.D. 1, entitled:

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

beg leave to report as follows:

     The purpose of this bill is to encourage the development of more affordable housing by exempting new privately financed multi-family for-sale housing condominium developments of 75 units or more per acre developed on privately owned lands from the Hawaii Housing Finance and Development Corporation (HHFDC) shared appreciation equity program.  These developments would also qualify for a reduced term of 3 years for the occupancy requirements and transfer restrictions under Sections 201H-47 and 201H-49, Hawaii Revised Statutes.

     HHFDC, Office of Hawaiian Affairs, Marshall Realty, Inc., Marcus & Associates, Inc., and several concerned individuals testified in support of this bill.  The City and County of Honolulu Department of Planning and Permitting provided comments. 

     As affirmed by the records of votes of the members of your Committees on Water, Land, Ocean Resources & Hawaiian Affairs and Human Services & Housing that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 2293, S.D. 1, and recommend that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committees on Water, Land, Ocean Resources & Hawaiian Affairs and Human Services & Housing,

____________________________ MAILE SHIMABUKURO, Chair

____________________________ KEN ITO, Chair