STAND. COM. REP. NO. 1188

Honolulu, Hawaii

RE: H.B. No. 675

H.D. 1

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

Sir:

Your Committee on Housing, to which was referred H.B. No. 675, H.D. 1, entitled:

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

begs leave to report as follows:

The purpose and intent of this measure is to require, if sufficient funding is available, the Hawaii Housing Finance and Development Corporation (HHFDC) to open at minimum two application periods each year for the receipt of applications for financing for the development of affordable housing in the State from the Low-Income Housing Tax Credit Program, Hula Mae Multi-Family Revenue Bond Program, Rental Housing Revolving Fund Program, and Dwelling Unit Revolving Fund Program.

Your Committee received testimony in support of this measure from the Office of the Governor's Chief Housing Officer, Hawaii Housing Finance and Development Corporation, EAH Housing, and one individual.

Your Committee finds that there is a critical housing shortage in the state. HHFDC currently requires projects to submit approved permits for housing developments prior to applying for tax credits, bonds, and the Rental Housing Revolving Fund Program. This measure will therefore increase the number of opportunities for HHFDC to award funding to developers of affordable housing and reduce regulatory constraints and delays to utilize financing more effectively and efficiently.

Your Committee has amended this measure by inserting an effective date of July 1, 2050, to encourage further discussion.

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, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 675, 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,

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STANLEY CHANG, Chair