STAND.
COM. REP. NO. 483
Honolulu, Hawaii
, 2025
RE: H.B. No. 417
H.D. 1
Honorable Nadine K. Nakamura
Speaker, House of Representatives
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Madame:
Your Committee on Housing, to which was referred H.B. No. 417 entitled:
"A BILL FOR AN ACT RELATING TO THE RENTAL HOUSING REVOLVING FUND,"
begs leave to report as follows:
Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation; Holomua Collaborative; Title Guaranty of Hawaiʻi; HPM Building Supply; Mana Up; Tori Richard, Ltd.; and Hawai‘i Gas. Your Committee received comments on this measure from the Department of Budget and Finance.
Your Committee finds that the housing crisis in Hawaii continues to drive families out of the State in search of affordable housing. The Rental Housing Revolving Fund provides equity gap low-interest loans to qualified owners and developers building affordable housing. However, your Committee further finds that despite the success of the Rental Housing Revolving Fund, existing prioritization of projects limit the breadth of projects and residents who can benefit from the Rental Housing Revolving Fund. Your Committee believes that increasing the types of projects that can be funded by the Rental Housing Revolving Fund would directly address the lack of affordable and stable rental housing in the State.
Your Committee notes that the main purpose and intent of the Rental Housing Revolving Fund is focused on affordable rental housing projects, rather than for-sale projects. However, your Committee believes that there should be further discussion on whether there is value in increasing the flexibility of the Rental Housing Revolving Fund so that its funds can be used for affordable rental projects and for-sale projects to ensure that there is sufficient funding to help families achieve homeownership.
Your Committee has amended this measure by:
(1) Clarifying that loans from the Housing Efficiency and Innovation Subaccount are to be used solely for rental housing projects, instead of for-sale and rental housing projects;
(2) Changing the effective date to July 1, 3000, to encourage further discussion; and
(3) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.
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. 417, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 417, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Housing,
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____________________________ LUKE A. EVSLIN, Chair |
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