[Congressional Record (Bound Edition), Volume 153 (2007), Part 3]
[Extensions of Remarks]
[Page 3282]
[From the U.S. Government Publishing Office, www.gpo.gov]




     INTRODUCING THE HAWAIIAN HOMEOWNERSHIP OPPORTUNITY ACT OF 2007

                                 ______
                                 

                         HON. NEIL ABERCROMBIE

                               of hawaii

                    in the house of representatives

                       Tuesday, February 6, 2007

  Mr. ABERCROMBIE. Madam Speaker, I rise in support of legislation I am 
proud to introduce today. The Hawaiian Homeownership Opportunity Act of 
2007 is the exact same language of H.R. 5851, reported out of the House 
Financial Services Committee on September 28, 2006, in the 109th 
Congress.
  The measure reauthorizes existing Native Hawaiian housing programs 
for 5 years and makes two adjustments to the program that will allow 
the Department of Hawaiian Home Lands to help more Native Hawaiians 
whose incomes are equal to or less than 80 percent of the median 
income.
  In 2000 Congress passed legislation authorizing the U.S. Department 
of Housing and Urban Development, HUD, to provide block grants for 
affordable housing for Native Hawaiians through the Department of 
Hawaiian Home Lands. The 2000 measure also authorized HUD home loan 
guarantees for low-income Native Hawaiians. Eligible borrowers include 
Native Hawaiian families, the Department of Hawaiian Home Lands, the 
Office of Hawaiian Affairs, and private nonprofit organizations 
experienced in planning and developing affordable housing for Native 
Hawaiians.
  The Hawaiian Home Ownership Opportunity Act of 2007 reauthorizes 
these programs and adds a new provision authorizing loan guarantees for 
home mortgage refinancing. This introduces greater flexibility and 
allows families to take advantage of lower interest rates as millions 
of other American families have. The measure would also permit the 
Department of Hawaiian Home Lands to issue bonds. This will allow the 
Department to service more low-income families without a large increase 
in appropriations.
  This bill is about homeownership; this is not welfare or public 
assistance. It offers another tool for a family to provide for a basic 
need, housing. This is unbelieveably important in Hawaii where land is 
scarce and the median home price on the island of Oahu is $639,000 and 
the median condominium price is $310,000. This measure will advance our 
efforts to address housing affordability in the islands.
  I would like to thank the House Financial Services Committee Chairman 
Barney Frank and Subcommittee on Housing and Community Opportunity 
Chairwoman Maxine Waters who have been extremely supportive in dealing 
with the housing problems of Hawaii. I would also like to recognize my 
colleague from Hawaii, Congresswoman Mazie Hirono, who, like Chairman 
Frank and Chairwoman Waters, is a cosponsor of this legislation.
  I urge my colleagues to help the residents of Hawaii and support this 
legislation.