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HOUSE OF REPRESENTATIVES |
H.C.R. NO. |
6 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
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STATE OF HAWAII |
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HOUSE CONCURRENT
RESOLUTION
requesting the legislative reference bureau, with the assistance of the DEPARTMENT of business, economic development, and tourism, to conduct a study on the need for a state mortgage guaranty fund.
WHEREAS, in 2009, the legislature adopted Senate Concurrent Resolution No. 132, S.D. 1, which established the construction industry task force (task force) to determine the economic value of the construction industry in Hawaii; and
WHEREAS, as directed in the Concurrent Resolution, the task force was charged with developing a series of recommendations to stimulate the construction industry and create new jobs in the local construction industry; and
WHEREAS, unfortunately, to date, many of the task force's recommendations have yet to be enacted by the legislature; and
WHEREAS, the current mortgage environment in Hawaii has had an impact on the availability of homes being built for first-time homebuyers; and
WHEREAS, developers cannot begin construction on affordable housing projects if take-out financing is not available for buyers; and
WHEREAS, the lack of financing for affordable housing projects contributes to the lack of construction jobs, which in turn hurts the economy with lost jobs and tax revenue losses throughout the extensive chain of services and suppliers associated with new construction; and
WHEREAS, one of the task force's recommendations was to study the need for a state mortgage guaranty fund, as a way to stimulate economic growth in the affordable and workforce housing market; now, therefore,
BE IT RESOLVED by the House of Representatives of the Twenty-seventh Legislature of the State of Hawaii, Regular Session of 2014, the Senate concurring, that the Legislative Reference Bureau, with the assistance of the Department of Business, Economic Development, and Tourism, is requested to conduct a study on the need for a state mortgage guaranty fund; and
BE IT FURTHER RESOLVED that the Legislative Reference Bureau is requested to consider the feasibility of:
(1) Creating a mortgage guaranty fund that would offer the same coverage that private mortgage insurance provides for lenders; and
(2) Requiring private mortgage insurance companies to expand their guidelines to include financing for condominiums in Hawaii up to ninety-five percent on a loan-to-value ratio; and
BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism is requested to work with industry leaders from the development, housing, and finance industries to analyze and determine the best course of action to provide and stimulate economic growth in the affordable and workforce housing market; and
BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism is also requested to coordinate efforts between all levels of government and the private sector to fast track the construction of affordable and workforce housing projects in the State; and
BE IT FURTHER RESOLVED that the Department of Business, Economic Development, and Tourism is requested to transmit a draft report of its findings and recommendations, including any proposed legislation, to the Legislative Reference Bureau no later than November 1, 2014; and
BE IT FURTHER RESOLVED that the Legislative Reference Bureau is requested to submit a final report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2015; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Director of the Legislative Reference Bureau and Director of Business, Economic Development, and Tourism.
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OFFERED BY: |
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Construction Industry Task Force; Legislative Reference Bureau; State Mortgage Guaranty Fund