STAND. COM. REP. NO. 769

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1017
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
1017 entitled: 

     "A BILL FOR AN ACT RELATING TO THE HOUSING LOAN AND MORTGAGE
     PROGRAM,"

begs leave to report as follows:

     The purpose of this bill is to enable the Housing and
Community Development Corporation of Hawaii to issue an
additional $500,000,000 in tax-exempt revenue bonds for the Hula
Mae Single Family Mortgage Purchase Program.

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

     Your Committee has amended this measure by making technical,
nonsubstantive amendments to correct drafting errors.

     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.
1017, as amended herein, and recommends that it pass Third
Reading in the form attached hereto as H.B. No. 1017, H.D. 1.


 
 
 
 
 
 
 
                                 STAND. COM. REP. NO. 769
                                 Page 2

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



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair