STAND. COM. REP. NO.658-02
RE: H.B. No. 2450
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Your Committee on Finance, to which was referred H.B. No. 2450 entitled:
"A BILL FOR AN ACT RELATING TO THE HOUSING AND COMMUNITY DEVELOPMENT CORPORATION OF HAWAII,"
begs leave to report as follows:
The purpose of this bill is to enable affordable housing projects to be competitive in the current real estate market by allowing the Housing and Community Development Corporation of Hawaii (HCDCH) to waive the statutory three-year buyback provision until December 31, 2004.
HCDCH testified in support of this measure.
Your Committee has amended this bill by:
(1) Changing the effective date to take effect upon its approval; and
(2) 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. 2450, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2450, H.D. 1.
Respectfully submitted on behalf of the members of the Committee on Finance,
DWIGHT Y. TAKAMINE, Chair