STAND. COM. REP. NO. 3218

Honolulu, Hawaii

RE: S.B. No. 2852

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. 2852, 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 assist residents in obtaining affordable rental housing by increasing the Hula Mae multifamily revenue bond authorization from $1,500,000,000 to $2,500,000,000.

Your Committee received written comments in support of this measure from the Department of Business, Economic Development, and Tourism; Hawaii Housing Finance and Development Corporation; and Land Use Research Foundation of Hawaii.

Your Committee finds that increasing the bond authorization ceiling for the Hula Mae Multifamily Bond Program will allow the program to finance the development of additional affordable rental housing.

Your Committee has amended this measure by:

(1) Changing the bond authorization ceiling amount to an unspecified sum; and

(2) 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. 2852, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2852, 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