STAND. COM. REP. NO. 3495

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2305

       H.D. 1

       S.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2016

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 2305, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE DWELLING UNIT REVOLVING FUND,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to provide financing and grants for infrastructure improvements.

 

     Specifically, this measure authorizes the Hawaii Housing Finance and Development Corporation:

 

(1)  Upon request of a county, to establish and operate a regional state infrastructure subaccount within the dwelling unit revolving fund to finance projects that would increase infrastructure capacity for housing and mixed-use transit-oriented development projects;

 

(2)  To expend funds within the dwelling unit revolving fund to repay private investors; and

 

(3)  To accept improved lands as repayment of loans made from a regional state infrastructure subaccount.

 

     Your Committee received written comments in support of this measure from the Department of Business, Economic Development, and Tourism; Department of Commerce and Consumer Affairs; Office of Planning; Hawaii Housing Finance and Development Corporation; Chamber of Commerce Hawaii; Land Use Research Foundation of Hawaii; Hawaii Association of Realtors; and Building Industry Association of Hawaii.

 

     Your Committee finds that the lack of housing continues to be a critical issue for Hawaii's residents.  Your Committee further finds that the lack of infrastructure capacity is one of the most significant barriers to the construction of additional homes.  Your Committee believes that establishment of regional state infrastructure subaccounts within the dwelling unit revolving fund will provide financing to help increase infrastructure capacity for the construction of additional housing.

 

     Your Committee has amended this measure by:

 

(1)  Clarifying that expenditures from the dwelling unit revolving fund to repay private investors are to be made from the regional state infrastructure subaccounts established within the dwelling unit revolving fund, instead of from the funds generally within the dwelling unit revolving fund; and

 

(2)  Making a technical nonsubstantive amendment for purposes of clarity and consistency.

 

     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. 2305, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2305, H.D. 1, S.D. 1.

 

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

 

 

 

________________________________

JILL N. TOKUDA, Chair