STAND. COM. REP. NO. 180

 

Honolulu, Hawaii

                   

 

RE:     S.B. No. 764

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

 

Sir:

 

     Your Committee on Housing, to which was referred S.B. No. 764 entitled:

 

"A BILL FOR AN ACT RELATING TO AFFORDABLE HOUSING,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to:

 

     (1)  Allow a bank to invest, in aggregate, up to two percent of the bank's total assets in certain entities that are formed to invest in affordable housing residential properties; and

 

     (2)  Require banks to obtain approval from the Commissioner of Financial Institutions to invest, in aggregate, over two percent of the bank's total assets in certain entities that are formed to invest in affordable housing residential properties.

 

     Your Committee received comments on this measure from the Department of Commerce and Consumer Affairs.

 

     Your Committee finds that there is a need to address the shortage of affordable residential housing in the State.  This measure encourages the financing of affordable residential housing projects.

 

     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. 764 and recommends that it pass Second Reading and be referred to your Committee on Commerce and Consumer Protection.

 

Respectfully submitted on behalf of the members of the Committee on Housing,

 

 

 

________________________________

STANLEY CHANG, Chair