STAND. COM. REP. NO. 2028

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2113

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Education and Housing, to which was referred S.B. No. 2113 entitled:

 

"A BILL FOR AN ACT AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS AND MAKING AN APPROPRIATION FOR INFUSION INTO THE RENTAL HOUSING TRUST FUND,"

 

begs leave to report as follows:

 

     The purpose of this measure is to authorize the issuance of general obligation bonds and make an appropriation for infusion into the rental housing trust fund.

 

     Testimony in support of this measure was submitted by one county agency and six private organizations.  One state agency submitted comments, and one state agency expressed concerns with this measure.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that the rental housing trust fund provides financing for affordable rental housing projects in the State and that the sole source of the trust fund is the conveyance tax.  Your Committee further finds that the portion of the conveyance tax that is allocated to the rental housing trust fund has declined over the past few years, and the amount of conveyance tax received into the trust fund for fiscal year 2010-2011 will be $4,000,000 short of the amount needed to fully leverage the State's annual per capita allocation of federal low-income housing tax credits.  Your Committee finds that this measure provides an appropriate infusion into the trust fund to continue to support affordable rental housing in the State.

 

     As affirmed by the record of votes of the members of your Committee on Education and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2113 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

 

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

 

		____________________________ NORMAN SAKAMOTO, Chair