STAND. COM. REP. NO. 3274

Honolulu, Hawaii

RE:    H.B. No. 2448

       H.D. 2

       S.D. 1

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 2448, H.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION,"

begs leave to report as follows:

     The purpose and intent of this measure is to authorize the Hawaii Housing Finance and Development Corporation to issue bonds to finance the development of infrastructure on land owned by an eligible developer whose housing project approval by the State or a county requires the construction of affordable housing.

     Your Committee received written comments in support of this measure from the Department of Business, Economic Development, and Tourism, the Hawaii Housing Finance and Development Corporation, the Chamber of Commerce of Hawaii, and the Land Use Research Foundation of Hawaii.

     Your Committee finds that this measure will help address the State's critical need for affordable housing by providing an important financing mechanism to accomplish infrastructure improvements that are often necessary to support the construction of new housing.

     Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion on the measure.

     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 H.B. No. 2448, H.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2448, H.D. 2, S.D. 1.

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

____________________________

DAVID Y. IGE, Chair