STAND. COM. REP. NO. 1008

Honolulu, Hawaii

, 2025

RE: H.B. No. 807

H.D. 2

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. 807, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO CONDOMINIUMS,"

begs leave to report as follows:

The purpose of this measure is to provide condominium associations with financing options by:

(1) Establishing and appropriating funds for the Condominium Loan Program to provide condominium associations with low-cost financing, or refinancing for previously obtained loans, for maintenance or repair projects; and

(2) Establishing the Condominium Loan Loss Reserves Program to incentivize private lenders to provide loans at competitive rates and terms.

Your Committee received testimony in support of this measure from three individuals. Your Committee received comments on this measure from the Department of Budget and Finance; Hawaiʻi Green Infrastructure Authority; and Hawaii Bankers Association.

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 Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 807, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 807, H.D. 2.

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

____________________________

KYLE T. YAMASHITA, Chair