STAND. COM. REP. NO. 1119

Honolulu, Hawaii

, 2025

RE: H.B. No. 432

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 Finance, to which was referred H.B. No. 432, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE RENTAL HOUSING REVOLVING FUND,"

begs leave to report as follows:

The purpose of this measure is to provide a dedicated source of funds to finance mixed-income rental housing projects by:

(1) Establishing the Mixed-Income Subaccount within the Rental Housing Revolving Fund that targets workforce rental housing projects for persons and families with incomes at or below one hundred forty percent of the area median income;

(2) Authorizing the Director of Finance to transfer funds from the Rental Housing Revolving Fund into the Mixed-Income Subaccount; and

(3) Appropriating funds into and out of the Mixed-Income Subaccount of the Rental Housing Revolving Fund for the purposes of the subaccount.

Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation; Office of Housing of the City and County of Honolulu; Hawaiʻi Children's Action Network Speaks!; Hawaiʻi Appleseed Center for Law & Economic Justice; Hawaiʻi Community Foundation; Hawaiʻi YIMBY; Holomua Collaborative; Title Guaranty of Hawaiʻi; HPM Building Supply; Hawaiʻi Gas; Mana Up; Tori Richard, Ltd.; and four individuals. Your Committee received comments on this measure from the Department of Budget and Finance.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 432, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

KYLE T. YAMASHITA, Chair