STAND. COM. REP. NO. 208
RE: S.B. No. 143
Honorable Ronald D. Kouchi
President of the Senate
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Your Committee on Housing, to which was referred S.B. No. 143 entitled:
"A BILL FOR AN ACT RELATING TO HOUSING,"
begs leave to report as follows:
The purpose and intent of this measure is to establish an affordable homeownership revolving fund within the Hawaii Housing Finance and Development Corporation, which would provide loans to nonprofit community development financial institutions and nonprofit housing development organizations for the development of affordable homeownership housing projects.
Your Committee received testimony in support of this measure from Hawaii Habitat for Humanity Association; Faith Action HousingNOW!; Habitat for Humanity Hawaii Island, Inc.; EAH Housing; St. Michael the Archangel Parish; and two individuals. Your Committee received comments on this measure from the Hawaii Housing Finance and Development Corporation.
Your Committee finds that homeownership is positively correlated with economic and social stability. However, the number of full-time Hawaii residents who own homes has steadily declined over the last fifty years. Currently, Hawaii has the third lowest homeownership rate of any state in the nation. To help solve this problem, self-help housing, nonprofit developers, and community land trust organizations can leverage federal funds to build houses that are available for purchase by low- and moderate-income households, but only if these organizations can provide additional non-federal matching funds. Your Committee further finds that the additional matching funds required can be provided by the establishment of an affordable homeownership revolving fund. The use of this fund, together with federal funds, can create homeownership opportunities for more of Hawaii's residents.
Your Committee has amended this measure by:
(1) Changing the appropriation amount from an unspecified amount to $1 million; 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 S.B. No. 143, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 143, 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