STAND. COM. REP. NO. 287

Honolulu, Hawaii

RE: S.B. No. 1283

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Sir:

Your Committee on Housing, to which was referred S.B. No. 1283 entitled:

"A BILL FOR AN ACT RELATING TO HOUSING ASSISTANCE,"

begs leave to report as follows:

The purpose and intent of this measure is to:

(1) Establish the Emergency Home Loan Assistance Revolving Fund to be administered by the Hawaii Housing Finance and Development Corporation;

(2) Establish terms for loans issued from the Revolving Fund;

(3) Require annual reports to the Legislature; and

(4) Appropriate funds.

Your Committee received comments on this measure from the Department of Budget and Finance and Hawaii Housing Finance and Development Corporation.

Your Committee finds that housing stability is fundamental to the well-being of residents statewide. Mortgage lenders may offer internal programs and plans such as forbearance, skipped payments, or other options to borrowers for assistance with monthly mortgage payments; however, some homeowners may require additional support to prevent foreclosure on their property. Therefore, this measure offers a creative solution for Hawaii residents to maintain homeownership in the State while preventing additional strain on the existing housing shortage statewide.

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 S.B. No. 1283 and recommends that it pass Second Reading and be referred to your Committee on Ways and Means.

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

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STANLEY CHANG, Chair