STAND. COM. REP. NO.  28-14

 

Honolulu, Hawaii

                , 2014

 

RE:   H.B. No. 1595

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

 

Sir:

 

     Your Committee on Housing, to which was referred H.B. No. 1595 entitled:

 

"A BILL FOR AN ACT RELATING TO LOW-INCOME HOUSING,"

 

begs leave to report as follows:

 

     The purpose of this measure is to authorize the issuance of general obligation bonds to provide funding for the low-income housing tax credit loan program, which allows owners of qualified low-income buildings to receive a no-interest loan from the State in lieu of claiming the low-income housing tax credit.

 

     The Hawaii Housing Finance and Development Corporation, Hawaii Association of Realtors, Hawaii Primary Care Association, Pacific Resource Partnership, Community Alliance for Mental Health, and one concerned individual supported the bill.  The Department of Budget and Finance commented on the bill.

 

     Your Committee has amended this measure by:

 

(1)  Specifying that the general obligation bonds to be issued shall be taxable general obligation bonds, to address the concerns raised by the Department of Budget and Finance;

 

     (2)  Changing its effective date to July 1, 2525, to encourage further discussion; and

 

     (3)  Making technical, nonsubstantive amendments for the purpose of clarity.

 

     As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1595, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1595, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

 

 

____________________________

MARK J. HASHEM, Chair