STAND. COM. REP. NO. 945
RE: H.B. No. 530
Honorable Ronald D. Kouchi
President of the Senate
Twenty-Ninth State Legislature
Regular Session of 2017
State of Hawaii
Your Committee on Housing, to which was referred H.B. No. 530, H.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO HOMEBUYER ASSISTANCE,"
begs leave to report as follows:
The purpose and intent of this measure is to:
(1) Update the Downpayment Loan Program under the Hawaii Housing Finance and Development Corporation; and
(2) Establish a Downpayment Loan Loss Reserve Program to assist low- and moderate-income households to become first-time homebuyers.
Your Committee received testimony in support of this measure from the Department of Business, Economic Development, and Tourism; Hawaii Housing Finance and Development Corporation; Hawaii Association of REALTORS; and one individual.
Your Committee finds that the existing Downpayment Loan Program was created over twenty years ago and has been inactive for some time due to funding and programmatic constraints. Your Committee further finds that changes in the housing market since the Downpayment Loan Program was established necessitate changes to the program. This measure will update the program to help make affordable homeownership more achievable for Hawaii households.
Your Committee has amended this measure by:
(1) Removing language establishing a Downpayment Loan Loss Reserve Program; and
(2) Making technical, nonsubstantive amendments for the purposes of clarity and consistency.
As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 530, H.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 530, H.D. 2, S.D. 1, and be referred to your Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Housing,
WILL ESPERO, Chair