STAND. COM. REP. NO. 2352

Honolulu, Hawaii

RE:    S.B. No. 2800

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Madam:

     Your Committee on Human Services, to which was referred S.B. No. 2800 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 ensure that the hula mae multifamily bond program can continue to finance the development and preservation of affordable rental housing in future years by increasing the hula mae multifamily revenue bond authorization to $1,000,000,000.

     Your Committee received testimony in support of this measure from the Department of Business, Economic Development, and Tourism; Hawaii Housing Finance and Development Corporation; and Hawaii Association of REALTORS.

     Your Committee finds that the housing loan and mortgage program, commonly known as the hula mae multifamily revenue bond program, is one effective way to address the affordable housing crisis that continues to plague the State.  Since its inception, the hula mae multifamily program has provided $418,244,699 in revenue bond proceeds to assist in the financing of 3,172 units statewide.  Your Committee finds that there is a need for increased revenue bond authorization for this program.  In 2013, the total dollar value of requests for hula mae multifamily financing exceeded the balance amount.

     As affirmed by the record of votes of the members of your Committee on Human Services that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2800 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Human Services,

____________________________

SUZANNE CHUN OAKLAND, Chair