STAND. COM. REP. NO. 3785

Honolulu, Hawaii

RE: H.B. No. 2183

H.D. 2

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2183, H.D. 2, S.D. 1, 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 address the State's affordable housing shortage.

Specifically, this measure increases the Hula Mae multifamily revenue bond authorization.

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

Your Committee finds that the Hula Mae multifamily revenue bond program promotes the development of new, or the acquisition and rehabilitation of existing, rental housing projects through the issuance of mortgage revenue bonds for interim and permanent financing at lower rates than conventional market interest rates. Your Committee further finds that the increase in bond authority provided by this measure will allow the Hawaii Housing Finance and Development Corporation to continue to issue bonds for much-needed affordable rental housing projects statewide.

Your Committee has amended this measure by:

(1) Making the measure effective upon its approval; and

(2) Making technical nonsubstantive changes for the purpose of style.

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 H.B. No. 2183, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2183, H.D. 2, 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