Bill Text: HI HB1044 | 2010 | Regular Session | Amended

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Bill Title: Housing

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB1044 Detail]

Download: Hawaii-2010-HB1044-Amended.html

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STAND. COM. REP. NO.  801

 

Honolulu, Hawaii

                , 2009

 

RE:   H.B. No. 1044

      H.D. 2

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1044, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO HOUSING,"

 

begs leave to report as follows:

 

     The purpose of this bill is to facilitate the collection of the shared appreciation equity lien, deferred sales price lien, and excess proceeds in lieu of any buyback, imposed by the State on the sale of affordable housing properties that received assistance from the Hawaii Housing Finance and Development Corporation (HHFDC) that are undergoing foreclosure by, among other things:

 

     (1)  Requiring purchasers to obtain HHFDC's written consent before refinancing real property during the time restrictions on transfers are applicable;

 

     (2)  Clarifying that shared appreciation equity liens run with the land, are priority liens, and may be paid at any time after recordation of the sale; and

 

     (3)  Requiring 45-day notice to HHFDC before mortgaqe foreclosure proceedings are commenced.

 

     The Hawaii Housing Finance and Development Corporation supported this bill.

 

     Your Committee has amended this bill by making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1044, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1044, H.D. 2.

 

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

 

 

		____________________________ MARCUS R. OSHIRO, Chair