STAND. COM. REP. NO. 3387

 

Honolulu, Hawaii

                  

 

RE:    S.R. No. 33

       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 Housing, to which was referred S.R. No. 33 entitled:

 

"SENATE RESOLUTION URGING THE DIRECTOR OF FINANCE TO ADOPT ADMINISTRATIVE RULES TO DEFINE "BENEFICIAL EFFECTS TO THE STATE" IN SECTION 38-2, HAWAII REVISED STATUTES, TO INCLUDE THE FINANCING OF HOUSING,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to urge the Director of Finance to adopt administrative rules to define "beneficial effects to the State" in section 38-2, Hawaii Revised Statutes, to include the financing of housing.

 

     Your Committee received testimony in support of this measure from the Hawaii Housing Finance and Development Corporation.

 

     Your Committee finds that the State must expand financing options to increase housing in Hawaii.  Your Committee also finds that the Director of Finance is granted the discretion to invest the public treasury with certain depositaries, subject to the approval of the Governor and certain statutory requirements found in section 38-2, Hawaii Revised Statutes, including the requirement to "consider the beneficial effects to the State of using depositories within the State".  Therefore, this measure supports incentivizing state treasury depositories that have issued loans with favorable terms to housing developers to help expand the State's housing supply.

 

     Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     As affirmed by the record of votes of the members of your Committee on Housing that is attached to this report, your Committee concurs with the intent and purpose of S.R. No. 33, as amended herein, and recommends its adoption in the form attached hereto as S.R. No. 33, S.D. 1.

 

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

 

 

 

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STANLEY CHANG, Chair