STAND. COM. REP. NO. 2027

Honolulu, Hawaii

RE: S.B. No. 2472

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Housing, to which was referred S.B. No. 2472 entitled:

"A BILL FOR AN ACT RELATING TO HOUSING,"

begs leave to report as follows:

The purpose and intent of this measure is to establish a home ownership housing revolving fund to be administered by the Hawaii Housing Finance and Development Corporation for the purpose of providing loans or grants for affordable home ownership housing projects in accordance with a specified housing project priority list.

Your Committee received testimony in support of this measure from the League of Women Voters of Hawaii, Oahu County Committee on Legislative Priorities of the Democratic Party of Hawaii, Hawaiian Community Assets, IMUAlliance, and Hawaii Habitat for Humanity Association. Your Committee received comments on this measure from the Hawaii Housing Finance and Development Corporation and Department of Budget and Finance.

Your Committee finds that Hawaii has the third lowest home ownership rate in the nation. The lack of construction and development of affordable for-sale housing contributes to the State's low affordable housing inventory. This measure will assist in facilitating additional affordable housing projects by creating an infusion of funding resources through the creation of a home ownership housing revolving fund.

Your Committee has amended this measure by:

(1) Adopting the suggestion made by the Hawaii Housing Finance and Development Corporation to add clarifying language throughout the measure that monies from the home ownership housing revolving fund be used for the development of affordable for-sale housing projects, rather than affordable rental housing projects, to distinguish the purposes of this revolving fund from the rental housing revolving fund; and

(2) 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. 2472, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2472, 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,

________________________________

WILL ESPERO, Chair