STAND. COM. REP. NO. 3150
RE: S.B. No. 2652
Honorable Ronald D. Kouchi
President of the Senate
Thirtieth State Legislature
Regular Session of 2020
State of Hawaii
Your Committee on Judiciary, to which was referred S.B. No. 2652, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO HOUSING,"
begs leave to report as follows:
The purpose and intent of this measure is to provide that the development of housing projects by the Hawaii Housing Finance and Development Corporation does not require income restrictions for projects that are built for Hawaii residents who will be owner-occupants, in perpetuity, and who own no other property.
Your Committee received testimony in opposition to this measure from the Hawaii Housing Finance and Development Corporation and Department of Planning and Permitting, City and County of Honolulu. Your Committee received comments on this measure from the Office of Hawaiian Affairs.
Your Committee finds that many purchasers of below market affordable housing units later flip the property by selling them at a higher price to an out of state investor. This measure aims to support affordable housing production for owners who are residents of the State.
Your Committee has amended this measure by inserting an effective date of June 18, 2050, to encourage further discussion.
As affirmed by the record of votes of the members of your Committee on Judiciary that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2652, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2652, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Judiciary,
KARL RHOADS, Chair