STAND. COM. REP. NO. 1190

Honolulu, Hawaii

RE: H.B. No. 992

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. 992, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE AFFORDABLE HOMEOWNERSHIP REVOLVING FUND,"

begs leave to report as follows:

The purpose and intent of this measure is to clarify Act 248, Session Laws of Hawaii 2022, as it pertains to the appropriation for the Affordable Homeownership Revolving Fund.

Your Committee received testimony in support of this measure from the Department of Business, Economic Development, and Tourism and Hawaii Housing Finance and Development Corporation.

Your Committee finds that Act 248, Session Laws of Hawaii 2022, in part, appropriates general funds for the Hawaii Housing Finance and Development Corporation to provide, in whole or in part, loans to nonprofit community development financial institutions and nonprofit housing development organizations for the development of affordable homeownership housing projects. This measure clarifies that the funds be deposited into the Affordable Homeownership Revolving Fund then expended out of the fund, allowing monies to revolve back into the fund when loans are repaid, as intended.

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. 992, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 992, 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