STAND. COM. REP. NO. 3635

Honolulu, Hawaii

RE: H.B. No. 2547

H.D. 1

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

Sir:

Your Committee on Housing, to which was referred H.B. No. 2547, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO HOUSING,"

begs leave to report as follows:

The purpose of this measure is to consolidate administration of affordable housing programs by:

(1) Authorizing the Hawaii Housing Finance and Development Corporation to administer any new reserved housing and workforce housing units in community development districts; and

(2) Authorizing the Hawaii Housing Finance and Development Corporation to adopt rules to allow owners of units transferred to the Hawaii Housing Finance and Development Corporation to obtain home equity lines of credit, refinance their units, or pay their shared equity.

Your Committee received testimony in support of this measure from the Hawaii Community Development Authority. Your Committee received comments on this measure from the Hawaii Housing Finance and Development Corporation.

Your Committee finds that navigating the systems of both the Hawaii Housing Finance and Development Corporation and the Hawaii Community Development Authority can be confusing to the general public. Your Committee further finds that residents living in reserved or workforce housing units built by the Hawaii Community Development Authority may wish to obtain home equity lines of credit, refinance their units, or pay their shared equity. This measure will allow the Hawaii Housing Finance and Development Corporation to have reserved housing units transferred to it so that residents may obtain equity lines of credit, refinance their units, or pay shared equity.

Your Committee has amended this measure by inserting an effective date of July 1, 2050, to encourage further discussion.

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 H.B. No. 2547, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2547, H.D. 1, 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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STANLEY CHANG, Chair