STAND. COM. REP. NO. 3246

Honolulu, Hawaii

RE: H.B. No. 1748

H.D. 1

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Housing, to which was referred H.B. No. 1748, H.D. 1, entitled:

"A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR AFFORDABLE HOUSING,"

begs leave to report as follows:

The purpose and intent of this measure is to authorize and appropriate funds for the issuance of general obligation bonds into and out of the Rental Housing Revolving Fund for low-income rental housing projects or units that are allocated low-income housing tax credits and developed for families and individuals who meet certain eligibility requirements.

Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation, Catholic Charities Hawai‘i, Partners In Care, and Hawai‘i Health & Harm Reduction Center.

Your Committee finds that the Rental Housing Revolving Fund provides financing to developers of affordable housing, especially for very and extremely low-income households. However, the demand for financing through the Rental Housing Revolving Fund exceeds the capacity of the revolving fund. This measure supports the development of affordable housing by expanding eligibility for funds through the Rental Housing Revolving Fund and by making an appropriation to the Rental Housing Revolving Fund.

Your Committee has amended this measure by:

(1) Inserting an appropriation amount of $300,000,000; 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 H.B. No. 1748, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1748, 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,

________________________________

STANLEY CHANG, Chair