STAND. COM. REP. NO. 514

Honolulu, Hawaii

RE:    S.B. No. 1025

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 1025 entitled:

"A BILL FOR AN ACT RELATING TO THE HOUSING LOAN AND MORTGAGE PROGRAM,"

begs leave to report as follows:

     The purpose and intent of this measure is to update the Hula Mae Single Family Mortgage Loan Program law to be consistent with federal law.

     Specifically, the measure:

     (1)  Allows broader program participation by potential homeowners;

     (2)  Adds downpayment assistance as a program feature; and

     (3)  Deletes statutory provisions relating to the inactive loans to lenders and purchases of existing loans programs.

     Your Committee received written comments in support of this measure from the Department of Business, Economic Development, and Tourism and the Hawaii Housing Finance and Development Corporation.  Your Committee received written comments on this measure from the Hawaii Association of Realtors.

     Your Committee finds that affordable housing is still beyond the reach of many families, and not only the indigent and working poor.  This measure will promote home ownership by allowing more households to obtain Hula Mae single family home loans.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1025 and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DAVID Y. IGE, Chair