CONFERENCE COMMITTEE REP. NO. 15

Honolulu, Hawaii

                 , 2017

RE:    S.B. No. 584

       S.D. 1

       H.D. 1

       C.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sirs:

     Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 584, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO MORTGAGES,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

     The purpose of this measure is to allow an extended or hanai family member to act as a co-mortgagor in assisting a qualified resident in securing a mortgage to purchase a dwelling unit from the Hawaii Housing Finance and Development Corporation.

     Your Committee on Conference finds that the Hawaii Housing Finance and Development Corporation is tasked with developing and financing low- and moderate-income housing projects and administering homeownership programs, including the provision of mortgages for affordable housing units to qualified residents.  Some affordable units may still be unaffordable to first-time buyers without financial assistance from family.  For residents of Hawaii, "family" frequently extends to cousins, uncles, aunties, step-parents, and "hanai" family members who may not fall within the definition of "family" used by the Hawaii Housing Finance and Development Corporation, but who may still have the financial capacity and willingness to assist buyers with the down payment or qualification for a mortgage.  By allowing extended or hanai family members to act as a co-mortgagor assisting a qualified resident in securing a mortgage to purchase a dwelling unit, more of the State's residents may qualify to purchase affordable housing.

     Your Committee on Conference has amended this measure by changing the effective date to July 1, 2017.

     As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 584, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 584, S.D. 1, H.D. 1, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE HOUSE

ON THE PART OF THE SENATE

____________________________ TOM BROWER Co-Chair	____________________________ WILL ESPERO Chair
____________________________ ROY M. TAKUMI Co-Chair	____________________________ ROSALYN H. BAKER Co-Chair