STAND. COM. REP. 3469

Honolulu, Hawaii

, 2004

RE: H.C.R. No. 123

H.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committees on Commerce, Consumer Protection and Housing and Economic Development and Human Services, to which was referred H.C.R. No. 123, H.D. 1, entitled:

"HOUSE CONCURRENT RESOLUTION REQUESTING THE HOUSING AND COMMUNITY DEVELOPMENT CORPORATION OF HAWAII TO MAKE FINANCING TOOLS AVAILABLE TO ASSIST PRIVATE DEVELOPERS IN PURCHASING RENTAL PROPERTIES,"

beg leave to report as follows:

The purpose of this measure is to prevent the further loss of affordable rentals in the State by requesting financing assistance for private developers to purchase and retain, in the rental marketplace, properties contemplated for sale by the City and County of Honolulu (City).

The Housing and Community Development Corporation of Hawaii (HCDCH) testified in support of this measure.

Your Committees find that the City is currently considering the sale of hundreds of rental units currently occupied by the elderly and low-income tenants, and that the sale of these units would further exacerbate the shortage of affordable rental properties on Oahu.

Your Committees further find that HCDCH administers a number of financing tools, such as Hula Mae multi-family bond financing, low-income housing tax credits, and Rental Housing Trust Fund gap equity financing, that could assist private developers in purchasing these properties and maintaining them on the rental market at affordable rates. Therefore, this measure requests the HCDCH to make these financing tools available to interested private developers.

As affirmed by the records of votes of the members of your Committees on Commerce, Consumer Protection and Housing and Economic Development and Human Services that are attached to this report, your Committees concur with the intent and purpose of H.C.R. No. 123, H.D. 1, and recommend its adoption.

Respectfully submitted on behalf of the members of the Committees on Commerce, Consumer Protection and Housing and Economic Development and Human Services,

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CAROL FUKUNAGA, Chair

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RON MENOR, Chair

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SUZANNE CHUN OAKLAND, Chair