STAND. COM. REP. NO. 1177

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 1063

       H.D. 1

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred H.B. No. 1063, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE HAWAIIAN HOMES COMMISSION ACT, 1920, AS AMENDED,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to augment the Department of Hawaiian Home Lands' ability to award homesteads  and home ownership opportunities to its beneficiaries by increasing the State's limit of liability for Department of Hawaiian Home Land guarantees of loans to lessees from $50,000,000 to an unspecified amount.

 

     Your Committee received written comments in support of this measure from Kalbert K. Young, Director, Department of Budget and Finance.

 

     Your Committee finds that since Hawaiian home lands are inalienable, the Department of Hawaiian Home Lands is required to guarantee mortgage loans made for homes located on Hawaiian home lands when lenders do not have a loan assurance program.  This measure will help the Department provide more home ownership opportunities to beneficiaries, allow more construction of affordable units, and benefit Hawaii's construction industry and economy.

 

     Your Committee has amended this measure by changing the effective date to July 1, 2117, to facilitate further discussion on the measure.

 

     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. 1063, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1063, H.D. 1, S.D. 1.

 

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

 

		____________________________ DAVID Y. IGE, Chair