STAND. COM. REP. NO. 3202

Honolulu, Hawaii

RE: S.B. No. 2625

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 S.B. No. 2625, 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 establish and appropriate moneys for an affordable homeownership revolving fund to provide loans to nonprofit institutions for the development of affordable homeownership housing projects.

Your Committee received written comments in support of this measure from the Mayor of the County of Hawaii; County of Hawaii Office of Housing and Community Development; Kohala Coast Resort Association; Catholic Charities Hawaii; Hawaii Kai Homeless Task Force; HOPE Services Hawaii, Inc.; IMUA Alliance; Faith Action for Community Equity; Parents And Children Together; Habitat for Humanity Maui; Hawaiian Community Assets and Hawaii Community Lending; and Hawaii Children's Action Network Speaks!.

Your Committee received written 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 rate of homeownership of any state in the nation. Your Committee believes that because homeownership is positively correlated with economic and social stability, it is appropriate for the State to advance opportunities for homeownership.

Your Committee has amended this measure by:

(1) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

(2) Making technical nonsubstantive changes for purposes of clarity, consistency, and 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 S.B. No. 2625, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2625, 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