STAND. COM. REP. NO. 1746

Honolulu, Hawaii

, 2005

RE: H.C.R. No. 170

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committees on Commerce, Consumer Protection, and Housing and Intergovernmental Affairs, to which was referred H.C.R. No. 170 entitled:

"HOUSE CONCURRENT RESOLUTION REQUESTING THE COUNTIES TO APPLY TAX INCREMENT FINANCING TO FINANCE THE DEVELOPMENT OF INFRASTRUCTURE FOR AFFORDABLE HOUSING PROJECTS,"

beg leave to report as follows:

The purpose of this measure is to request the counties to establish a system of tax increment financing to support the development of infrastructure for affordable housing projects.

Your Committees find that chapter 46, Hawaii Revised Statutes, authorizes the counties to provide for tax increment financing by establishing tax increment districts and issuing tax increment bonds. Bond proceeds may be used to finance the implementation of redevelopment or community development plans. This measure requests the counties to utilize tax increment financing to develop infrastructure for affordable housing projects.

As affirmed by the records of votes of the members of your Committees on Commerce, Consumer Protection, and Housing and Intergovernmental Affairs that are attached to this report, your Committees concur with the intent and purpose of H.C.R. No. 170, and recommend that it be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committees on Commerce, Consumer Protection, and Housing and Intergovernmental Affairs,

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DAVID Y. IGE, Chair

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RON MENOR, Chair