STAND. COM. REP. NO. 481

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1312

       S.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

 

Sir:

 

     Your Committee on Housing, to which was referred S.B. No. 1312 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to increase the Hula Mae multifamily revenue bond authorization.

 

     Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation and Hawaii Association of REALTORS.

 

     Your Committee finds that the Housing Loan and Mortgage program, more commonly known as the Hula Mae multifamily bond program, promotes the development of new, or the acquisition and rehabilitation of existing, rental housing projects through the issuance of mortgage revenue bonds for interim and permanent financing at rates below conventional market interest rates.  Your Committee notes that over the last few years, the Hula Mae multifamily bond program has become increasingly popular for nonprofit and for-profit developers of affordable rental housing.  This measure would provide more opportunities to develop affordable rental housing by increasing the Hula Mae multifamily revenue bond authorization.

 

     Your Committee has amended this measure by:

 

     (1)  Changing the revenue bond amount from $2,500,000,000 to a blank amount;

 

     (2)  Inserting an effective date of July 1, 2050, to encourage further discussion; and

 

     (3)  Making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     Your Committee recommends that your Committee on Ways and Means consider a maximum revenue bond authorization amount of $2,500,000,000 for the Hula Mae multifamily program.

 

     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 S.B. No. 1312, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1312, 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,

 

 

 

________________________________

STANLEY CHANG, Chair