STAND. COM. REP. NO.1731

Honolulu, Hawaii

, 2001

RE: H.B. No. 545

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 545 entitled:

"A BILL FOR AN ACT RELATING TO THE RENTAL HOUSING TRUST FUND,"

begs leave to report as follows:

The purpose of this measure is to authorize issuance of $30,000,000 in revenue bonds and to appropriate funds to carry out the purposes of the rental housing trust fund.

Since its beginning, the rental housing trust fund has assisted in the development of nearly two thousand affordable rental units. Projections indicate a need for approximately eleven thousand affordable rental units over the next five years. Historically, the rental housing trust fund has received funding from the state conveyance tax as its only dedicated source of income. However, Act 170, Session Laws of Hawaii 1998, reduced the rental housing trust fund's share of the conveyance tax. Your Committee finds that this bill will help meet the statewide demand for affordable rental housing for low and very low income households by enabling the rental housing trust fund to assist housing developers who provide affordable rentals.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 545 and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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BRIAN T. TANIGUCHI, Chair