STAND. COM. REP. NO. 69
Honolulu, Hawaii
RE: S.B. No. 912
S.D. 1
Honorable Ronald D. Kouchi
President of the Senate
Twenty-Ninth State Legislature
Regular Session of 2017
State of Hawaii
Sir:
Your Committee on Housing, to which was referred S.B. No. 912 entitled:
"A BILL FOR AN ACT RELATING TO THE DOWNPAYMENT LOAN ASSISTANCE PROGRAM,"
begs leave to report as follows:
The purpose and intent of this measure is to:
(1) Modernize the downpayment loan program; and
(2) Establish a downpayment loan loss reserve program to assist eligible borrowers to become first-time homebuyers.
Your Committee received testimony in support of this measure from the Department of Business, Economic Development, and Tourism; Hawaii Housing Finance and Development Corporation; Hawaii Association of REALTORS; and Mortgage Bankers Association of Hawaii.
Your Committee finds that homeownership among residents contributes to strong communities and economic growth. Your Committee further finds that one of the largest barriers to homeownership is the lack of availability of down payment assistance. The downpayment loan program was established in 1995 to assist first time homebuyers with down payment loans, but the program has been inactive for some time due to funding and outdated programmatic constraints. This measure will facilitate homeownership by updating and expanding the downpayment loan program.
Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.
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 S.B. No. 912, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 912, S.D. 1, and be referred to your Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Housing,
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________________________________ WILL ESPERO, Chair |
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