STAND. COM. REP. 2667

Honolulu, Hawaii

, 2004

RE: S.B. No. 2926

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2926 entitled:

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

begs leave to report as follows:

The purpose of this measure is to increase the bond authorization amount for the Hula Mae Multi-Family Housing Program from $200,000,000 to $300,000,000.

Your Committee finds that there is a need for affordable rental housing throughout the State. Adequate resources to finance the construction of more rental units, however, is limited. The Hula Mae Multi-Family Program provides below market rate, interim, or permanent financing to developers or owners of affordable rental projects. To date, the Housing and Community Development Corporation of Hawaii has issued bonds totaling $74,713,000 to finance the construction and acquisition/rehabilitation of four hundred seventeen rental units on three islands. The Corporation has an outstanding commitment for $20,000,000 for a project in Iwilei and a pending project request of $100,000,000 in Kalaeloa. These projects may reduce the remaining bond authorization level to approximately $5,000,000.

The additional bond authorization under this bill will allow the Housing and Community Development Corporation of Hawaii to facilitate the construction of more affordable rental housing projects in the State.

Your Committee has amended the bill by:

(1) Reducing the bond authorization amount from $300,000,000 to $250,000,000;

(2) Changing the effective date to July 1, 2020 for purposes of furthering discussion; and

(3) Making technical changes that have no substantive effect.

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 S.B. No. 2926, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2926, S.D. 1.

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

____________________________

BRIAN T. TANIGUCHI, Chair