The League of Women Voters of Hawaii opposes this bill. This bill reduces the amount of conveyance tax revenues deposited into the rental housing trust fund, and transfers excess funds in the rental assistance revolving fund to the general fund.
The allocation of conveyance tax proceeds to the Rental Housing Trust Fund provides predictability for the State and developers when it comes to planned affordable housing projects. Dedicated funding for affordable housing is a critical element in our fight against homelessness. Reducing programs and funding in these areas will only make our housing and homeless crisis worse.
Rather than reducing the only dedicated funding source for the state rental housing development program at a time when both the state and counties are looking to saturate the construction industry with projects, the legislature should be increasing the funding for affordable rental housing. This provides jobs for our construction workers, and affordable rentals to the people we have here in need of reasonably priced housing.
Please delete any language reducing funding for the rental housing trust funds and the rental assistance revolving fund.
Thank you for this opportunity to testify.