STAND. COM. REP. NO. 2813

Honolulu, Hawaii

RE: S.B. No. 2472

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2472, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO HOUSING,"

begs leave to report as follows:

The purpose and intent of this measure is to increase the supply of affordable housing by establishing a fund to provide loans or grants for the development of housing units.

Specifically, this measure:

(1) Establishes the home ownership housing revolving fund to provide loans or grants for the development of affordable for-sale housing projects;

(2) Requires the Hawaii Housing Finance and Development Corporation to administer the fund and make annual reports regarding the projects funded; and

(3) Appropriates an unspecified sum into the revolving fund.

Your Committee received written comments in support of this measure from Hawaiian Community Assets; Hawaii Habitat for Humanity Association; Honolulu Habitat for Humanity; Hawaii Alliance for Progressive Action; Young Progressives Demanding Action - Hawaii; NAIOP Hawaii Chapter; OCC Legislative Priorities Committee, Democratic Party of Hawaii; and one individual.

Your Committee received written comments on this measure from the Hawaii Housing Finance and Development Corporation.

Your Committee finds that the loans provided by this program will assist in addressing Hawaii's current critical shortage of affordable housing and the need for sixty-six thousand additional housing units by the year 2025.

Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion on the measure.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2472, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2472, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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DONOVAN M. DELA CRUZ, Chair