STAND. COM. REP. NO. 3944

Honolulu, Hawaii

RE: H.B. No. 2513

H.D. 2

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2513, H.D. 2, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE RENTAL HOUSING REVOLVING FUND,"

begs leave to report as follows:

The purpose and intent of this measure is to provide more residents with affordable housing opportunities.

More specifically, this measure:

(1) Appropriates moneys for projects or units in a mixed-income rental project for persons and families having incomes of between sixty and one hundred percent of the median family income; and

(2) Authorizes the Hawaii Housing Finance and Development Corporation to use any moneys from the appropriation that are unused and unencumbered as of June 30, 2023, for certain other rental housing projects.

Your Committee received written comments on this measure from the Department of Budget and Finance.

Your Committee finds that families having incomes of more than sixty percent of the area median income are rarely able to make use of the rental housing revolving fund, because the demand for these funds far exceeds available funding. Accordingly, your Committee believes that by appropriating moneys specifically targeted for use by persons and families having incomes of between sixty and one hundred percent of the area median income, this measure will help to ensure that more residents are able to receive and make use of affordable housing opportunities.

Your Committee has amended this measure by changing the amount appropriated into and out of the rental housing revolving fund from $150,000,000 to an unspecified sum 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. 2513, H.D. 2, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2513, H.D. 2, S.D. 2.

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

________________________________

DONOVAN M. DELA CRUZ, Chair