STAND. COM. REP. NO. 1478
RE: H.B. No. 277
Honorable Donna Mercado Kim
President of the Senate
Twenty-Eighth State Legislature
Regular Session of 2015
State of Hawaii
Your Committee on Ways and Means, to which was referred H.B. No. 277, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO INFRASTRUCTURE,"
begs leave to report as follows:
The purpose and intent of this measure is to provide increased infrastructure to support affordable housing development.
Specifically, the measure authorizes the:
(1) Hawaii Housing Finance and Development Corporation, upon request by a county, to issue and sell revenue bonds to provide funding for infrastructure development in that county; and
(2) Counties to use community facilities districts as a method for repayment of revenue bonds issued by the Hawaii Housing Finance and Development Corporation.
Your Committee received written comments in support of this measure from the Hawaii Housing Finance and Development Corporation, Chamber of Commerce Hawaii, Land Use Research Foundation of Hawaii, and Building Industry Association of Hawaii.
Your Committee finds that the lack of available land with infrastructure is a significant barrier to the development of affordable housing statewide. Your Committee believes that, by authorizing the counties to use community facilities districts as a method for repayment of revenue bonds issued by the Hawaii Housing Finance and Development Corporation, this measure provides a potential financing mechanism for infrastructure necessary to support affordable housing development.
Your Committee has amended this measure by changing the effective date to July 1, 2060, to facilitate further discussion on the measure.
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. 277, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 277, H.D. 1, S.D. 1.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
JILL N. TOKUDA, Chair