STAND. COM. REP. NO. 1788

Honolulu, Hawaii

RE: H.B. No. 675

H.D. 1

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 675, H.D. 1, S.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 facilitate the development of affordable housing.

Specifically, this measure requires that, if sufficient funding is available, the Hawaii Housing Finance and Development Corporation shall 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 Program, Rental Housing Revolving Fund Program, and Dwelling Unit Revolving Fund Program.

Your Committee received written comments in support of this measure from Affordable Housing Connections LLC, EAH Housing, and one individual.

Your Committee received written comments on this measure from the Hawaii Housing Finance and Development Corporation.

Your Committee finds that increasing opportunities for the Hawaii Housing Finance and Development Corporation to award funding to developers of affordable housing, during years where sufficient funding is available, will allow developers to utilize financing more effectively and efficiently.

Your Committee has amended this measure by making a technical nonsubstantive amendment for purposes of clarity and consistency.

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. 675, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 675, H.D. 1, S.D. 2.

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

________________________________

DONOVAN M. DELA CRUZ, Chair