STAND. COM. REP. NO. 3446

Honolulu, Hawaii

RE: S.C.R. No. 48

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Third State Legislature

Regular Session of 2026

State of Hawaii

Sir:

Your Committees on Housing and Energy and Intergovernmental Affairs, to which was referred S.C.R. No. 48 entitled:

"SENATE CONCURRENT RESOLUTION DECLARING THE INTENT THAT AFFORDABLE HOUSING CREDITS ARE PERPETUAL AND REMAIN VALID UNTIL REDEEMED, AND REQUESTING THE COUNTIES TO RECOGNIZE THESE CREDITS WITHOUT EXPIRATION DATES,"

beg leave to report as follows:

The purpose and intent of this measure is to declare the intent that affordable housing credits are perpetual and remain valid until redeemed, and request the counties to recognize these credits without expiration dates.

Your Committees received testimony in support of this measure from the Department of Hawaiian Home Lands, Office of Planning and Sustainable Development, and NAIOP Hawaii.

Your Committees find that expiration dates for financial mechanisms, such as tax credits, can be a significant barrier to housing development in the State. Removing these expiration dates for affordable housing credits would provide the long-term financial stability necessary for developers to commit private capital to complex, multi-year projects. This is especially important for affordable housing projects situated in transit‑oriented development zones and urban growth boundaries, where development timelines are often extended due to infrastructure and entitlement requirements. By clearly articulating the intent for affordable housing credits to remain perpetual and valid until redeemed, this measure helps provide greater stability and consistency in housing development, both of which will ensure a more robust housing pipeline for the State's future.

As affirmed by the records of votes of the members of your Committees on Housing and Energy and Intergovernmental Affairs that are attached to this report, your Committees concur with the intent and purpose of S.C.R. No. 48 and recommend its adoption.

Respectfully submitted on behalf of the members of the Committees on Housing and Energy and Intergovernmental Affairs,

________________________________ GLENN WAKAI, Chair

________________________________ STANLEY CHANG, Chair