STAND.
COM. REP. NO. 583
Honolulu, Hawaii
, 2025
RE: H.B. No. 525
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. 525 entitled:
"A BILL FOR AN ACT RELATING TO HOUSING,"
begs leave to report as follows:
The purpose of this measure is to:
(1) Clarify that dwelling units under the Rent-to-Own Program shall be units that are for sale in fee simple or leasehold on state or county land under a lease with an initial term of no less than ninety-nine years; and
(2) Increase the time the sales price under the Rent-to-Own Program must remain fixed from five years to ten years.
Your Committee finds that developing innovative homeownership pathways for residents is crucial in addressing the State's ongoing housing shortage. Your Committee further finds the Rent-to-Own Program managed by the Hawaii Housing Finance and Development Corporation offers an alternative route to homeownership for lower-income households. Under this program, a portion of the rent paid goes toward the eventual purchase of a home, thereby allowing renters to build equity over time. This measure enables more individuals and families to transition into homeownership by expanding the types of eligible units under the Rent-to-Own Program.
Your Committee has amended this measure by:
(1) Changing the effective date to July 1, 3000, to encourage further discussion; and
(2) 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. 525, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 525, 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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