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Latest Scoop on Housing CrisisAs of August 3, 1972 according to Robert Cooper, development aide for Act 105, the reason none of the $100,000,000 in bonds authorized by passage of Act 105 had been sold is that the State had requested an opinion of the Internal Revenue Service on the tax exempt status of the bonds. He stated the request had been made in December of 1971, but that no ruling had been forthcoming. A limited program has been carried out through use of cash from the State's general fund. Since it is now 2½ years since Act 105 was enacted, the LWV Housing Committee decided to make an inquiry through a member of Congress. That request was made August 27, 1972. On Oct. 4 a memo was sent by John M. Walter, Commissioner of Internal Revenue Ser ice which stated, "Mrs. Lamberts' information that the State of Hawaii requested a ruling from the Internal Revenue Service is correct. However, at the request of the State of Hawaii's bond attorney, the case was closed before a ruling was issued because at that time sufficient details were not furnished so that we could rule on the matter." A call to Mr. Robert Cooper confirmed that a change of plans has occurred. The State has decided to issue bonds financing Act 105 through the Hawaii Housing Authority, rather than through regular State channels. Some of the bonds are to have been sold before the first of the year, whether they prove to be tax exempt or not. (Puzzle for the Housing Committee-What brought this on after 2½ years?)
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