STAND. COM. REP. NO. 443

Honolulu, Hawaii

, 2023

RE: H.B. No. 951

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. 951 entitled:

"A BILL FOR AN ACT RELATING TO HOUSING,"

begs leave to report as follows:

The purpose of this measure is to appropriate funds into and out of the Rental Housing Revolving Fund to be used to provide grants or loans to mixed-income rental projects or units for qualifying individuals and families.

Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation, Hawai‘i Association of REALTORS, Catholic Charities Hawai‘i, NAIOP Hawaii, and Highridge Costa Development Company.

Your Committee finds that there is a severe lack of affordable housing in the State. Your Committee further finds that the State will require approximately fifty thousand housing units by 2025. In order for the State to meet this demand, your Committee believes that significant funding needs to be provided for the development of affordable rentals units. This measure will enable the Hawaii Housing Finance and Development Corporation to extend a second round of funding to the development community to offer housing units to individuals and families with incomes above sixty percent and at or below one hundred percent of the area median income.

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. 951 and recommends that it pass Second Reading and be referred to your Committee on Finance.

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

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TROY N. HASHIMOTO, Chair