STAND. COM. REP. NO. 2217

Honolulu, Hawaii

RE: S.B. No. 2925

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Second State Legislature

Regular Session of 2024

State of Hawaii

Sir:

Your Committee on Housing, to which was referred S.B. No. 2925 entitled:

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

begs leave to report as follows:

The purpose and intent of this measure is to:

(1) Require the Hawaii Housing Finance and Development Corporation to hold at least one application period each year to receive applications from parties interested in applying for financing of projects to develop or improve infrastructure that is or will be used solely for certain housing projects;

(2) Require the Hawaii Housing Finance and Development Corporation to adopt certain administrative rules; and

(3) Make an appropriation into and out of the Dwelling Unit Revolving Fund.

Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation and one member of the Maui County Council.

Your Committee finds that infrastructure costs are one of the biggest barriers to the development of housing within the State. The cost to develop infrastructure is typically shouldered by private housing developers, who then recoup these costs when selling or renting housing units. This measure aims to increase the affordable housing in the State by providing funds to the Dwelling Unit Revolving Fund to finance projects to develop or improve certain infrastructure.

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 S.B. No. 2925 and recommends that it pass Second Reading 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