STAND. COM. REP. NO. 2999

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2328

       H.D. 1

       S.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

 

Sir:

 

     Your Committee on Housing, to which was referred H.B. No. 2328, H.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:

 

     (1)  Clarify that any projects assisted by the Hawaii Housing Finance and Development Corporation that were developed or sold prior to the enactment of Act 159, Session Laws of Hawaii 2017 (Act 159), are grandfathered in and not subject to Act 159, to avoid unintended consequences and administrative burdens; and

 

     (2)  Limit the subsequent purchase price of real property developed and sold under chapter 201H, Hawaii Revised Statutes, if the Hawaii Housing Finance and Development Corporation does not exercise its option to repurchase the real property.

 

     Your Committee received testimony in support of this measure from the Department of Business, Economic Development, and Tourism; and Hawaii Housing Finance and Development Corporation.

 

     Your Committee finds that Act 159 allows qualified non-profit housing trusts to utilize the Hawaii Housing Finance and Development Corporation's buyback option on affordable for-sale homes and condominium units resold by their original owner-occupants in situations when the Corporation decides not to repurchase the property.  According to the Corporation, since the enactment of Act 159, the Corporation found that some of the Corporation's projects may not be covered by the existing grandfather provision.  This measure excludes from the application of Act 159 any project developed or sold by the Corporation prior to the enactment of Act 159.

 

     Your Committee has amended this measure by 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 H.B. No. 2328, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2328, H.D. 1, 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,

 

 

 

________________________________

WILL ESPERO, Chair