STAND. COM. REP. NO.  620

 

Honolulu, Hawaii

                , 2013

 

RE:   H.B. No. 521

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 521 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this measure is to authorize the issuance of general obligation bonds in an unspecified sum and appropriate the sum into the rental housing trust fund to finance affordable rental housing development.

 

     Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation, Hawaii Association of Realtors, Hawaii Appleseed Center for Law and Economic Justice, Partners in Care, Catholic Charities Hawaii, and three individuals.  The Department of Budget and Finance submitted comments.

 

     Your Committee finds that the Hawaii Housing Finance and Development Corporation uses the rental housing trust fund to finance the development of critically needed rental housing through public-private partnerships.  The Corporation reports that during fiscal year 2012, the Rental Housing Trust Fund received $37,000,000 in requests, but was only able to commit $20,700,000 to four rental projects totaling three hundred seventeen units.  Requests for awards to help finance an additional two hundred thirty units went unfunded due to a lack of available funds.  Your Committee finds that the appropriation in this measure will provide greater flexibility to the Hawaii Housing Finance and Development Corporation to increase the inventory of affordable rental housing units in the State.

 

     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. 521 and recommends that it pass Third Reading.

 

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

 

 

 

 

____________________________

SYLVIA LUKE, Chair