STAND. COM. REP. NO. 441

Honolulu, Hawaii

, 2023

RE: H.B. No. 675

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

Sir:

Your Committee on Housing, to which was referred H.B. No. 675 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION,"

begs leave to report as follows:

The purpose of this measure is to require the Hawaii Housing Finance and Development Corporation to open at minimum two application periods each year for the receipt of applications for financing for the development of affordable housing under certain programs of the Corporation.

Your Committee received testimony in support of this measure from Stanford Carr Development and one individual. Your Committee received comments on this measure from the Hawaii Housing Finance and Development Corporation.

Your Committee finds that the Hawaii Housing Finance and Development Corporation recently modified prerequisites to require a project to submit approved permits for housing developments prior to applying for tax credits, bonds, and the Rental Housing Revolving Fund program. Your Committee believes that having a two-application cycle will avoid delays in applying for these benefits, thereby addressing the lack of available affordable housing in the State. However, your Committee notes that the Hawaii Housing Finance and Development Corporation may be limited by financing barriers to offer multiple application periods for housing financing programs.

Accordingly, your Committee has amended this measure by:

(1) Specifying that the Hawaii Housing Finance and Development Corporation shall open multiple application periods for certain housing financing programs each year if sufficient funding is available; and

(2) Changing the effective date to June 30, 3000, to encourage further discussion; and

(3) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

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. 675, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 675, H.D. 1, and be referred to your Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Housing,

____________________________

TROY N. HASHIMOTO, Chair