STAND. COM. REP. NO. 1502

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 278

       H.D. 1

       S.D. 1

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 278, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE DWELLING UNIT REVOLVING FUND,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to encourage the development of affordable housing in the State.

 

     Specifically, the measure authorizes the Hawaii Housing Finance and Development Corporation, upon request by a county, to establish and operate a county affordable housing subaccount within the dwelling unit revolving fund for the benefit of the county.

 

     Your Committee received written comments in support of this measure from the Hawaii Housing Finance and Development Corporation and the Land Use Research Foundation of Hawaii.

 

     Your Committee finds that this measure, in conjunction with authorizing a county affordable housing subaccount within the dwelling unit revolving fund, requires that the county provide matching contributions and that the subaccount be leveraged with private loans, contributions, and moneys from other sources.  Accordingly, your Committee believes that county affordable housing subaccounts will allow the moneys in the dwelling unit revolving fund to be leveraged with county and private funds for the development of affordable housing.

 

     Your Committee has amended this measure by:

 

     (1)  Making technical nonsubstantive changes for purposes of clarity, consistency, and style; and

 

     (2)  Changing the effective date to July 1, 2060, to facilitate further discussion on the measure.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 278, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 278, H.D. 1, S.D. 1.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

 

 

________________________________

JILL N. TOKUDA, Chair