STAND. COM. REP. NO. 33^2.
Honolulu, Hawaii
MAR 2 e 2024
RE: S.C.R. No. 61
S. D. 1
Honorable Ronald D. Kouchi
President of the Senate
Thirty-Second State Legislature
Regular Session of 2024
State of Hawaii
Sir:
Your Committee on Housing, to which was referred S.C.R.
No. 61 entitled:
"SENATE CONCURRENT RESOLUTION REQUESTING THE HAWAII HOUSING
FINANCE AND DEVELOPMENT CORPORATION TO ADOPT ADMINISTRATIVE
RULES TO ENABLE CREDIT ENHANCEMENT FOR CONSTRUCTION LOANS
UNDER THE RENTAL HOUSING REVOLVING FUND,"
begs leave to report as follows:
The purpose and intent of this measure is to request the
Hawaii Housing Finance and Development Corporation to adopt
administrative rules to enable credit enhancement for construction
loans under the Rental Housing Revolving Fund.
Your Committee received testimony in support of this measure
from the Hawaii Housing Finance and Development Corporation.
Your Committee finds that the State has extremely high
housing development costs, which have worsened in light of
currently high interest rates. These costs are ultimately passed
on to housing residents. Your Committee also finds that allowing
the Rental Housing Revolving Fund to provide credit enhancement
for construction loans will reduce the related financing costs and
therefore development costs with very little risk to the fund.
Your Committee notes that S.B. No. 2469, introduced in the
Regular Session of 2024, was previously passed by your Committee
2024—2302 SCR SSCR SMA docx
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 STAND. COM. REP. NO.
Page 2
and would have statutorily authorized the Hawaii Housing Finance
and Development Corporation to use Rental Housing Revolving Fund
monies for credit enhancement and required the Corporation to
adopt administrative rules accordingly. Your Committee is hopeful
that future legislatures will pass a measure that provides this
statutory authorization to support the reduction of housing costs
for Hawaii residents.
Your Committee has amended this measure by:
(1) Requesting that any funds administered by the Hawaii
Housing Finance and Development Corporation be used for
credit enhancement, rather than just funds under the
Rental Housing Revolving Fund;
(2) Requiring that certified copies of this measure be sent
to all members of the Board of Directors of the Hawaii
Housing Finance and Development Corporation;
(3) TXmending its title to reflect its amended purpose; and
(4) Making technical, nonsubstantive amendments for the
purposes of clarity and consistency.
As affirmed by the record of votes of the members of your
Committee on Housing that is attached to this report, your
Committee concurs with the intent and purpose of S.C.R. No. 61, as
amended herein, and recommends its adoption in the form attached
hereto as S.C.R. No. 61, S.D. 1.
Respectfully submitted on
behalf of the members of the
Committee on Housing,
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 The Senate
Thirty-Second Legislature
State of Hawaii
Record of Votes
Committee on Housing
HOU
Bill / Resolution No.:* Committee Referral: Date:
ycR a
The Committee is reconsidering its previous decision on this measure.
If so, then the previous decision was to:________________________________________________
The Recommendation is:
Pass, unamended '^'^ss, with amendments __ Hold __ Recommit
2312 2311 2310 2313
Members Aye Aye (WR) Nay Excused
CHANG, Stanley (C)
HASHIMOTO, Troy N. (VC)
AQUINO, Henry J.C.
KANUHA, Dru Mamo
AWA, Brenton
TOTAL
Recommendation: r—i^
*4^Adopted __ Not Adopted
Chair’s or Designee’s Signature: >1 /
A, —
Distribution: Original Yetlov^ Pink Goldenrod
File with Committee Report Clerk's Office Drafting Agency Committee File Copy
*Only one measure per Record of Votes
Revised: 12/27/23