STAND. COM. REP. NO. 3819

Honolulu, Hawaii

RE: H.B. No. 2801

H.D. 1

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Second State Legislature

Regular Session of 2024

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2801, H.D. 1, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO COMMERCIAL PROPERTY ASSESSED FINANCING,"

begs leave to report as follows:

The purpose and intent of this measure is to expand the scope and amend the administration of the commercial property assessed financing program.

Your Committee received written comments in support of this measure from the Department of Commerce and Consumer Affairs, Hawaii Green Infrastructure Authority, Department of Budget and Fiscal Services of the City and County of Honolulu, Department of Research and Development of the County of Hawaii, AARP Hawaii, Aina Nalu Homeowners Association, Aio, CastleGreen Finance, Hawaii Energy, Hawaii Insurers Council, Hawaii Laborers & Employers Cooperation and Education Trust, Hawaii REALTORS, Hawaii Solar Energy Association, Holomua Collaborative, International Brotherhood of Electrical Workers Local Union 1186, Island Insurance Companies, Nuveen Green Capital, Petros PACE Finance, Ulupono Initiative, and several individuals.

Your Committee finds that expanding the scope of the commercial property assessed financing program to include condominiums having six or more units will help the affected condominium owners to access favorable financing so they can afford improvements to satisfy new regulatory requirements and mitigate future damages. Your Committee also finds that the Hawaii Green Infrastructure Authority is a more appropriate entity than the counties to administer this expanded, statewide program.

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. 2801, H.D. 1, S.D. 1, and recommends that it pass Third Reading.

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

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DONOVAN M. DELA CRUZ, Chair