Bill > SB80

This bill establishes a Dwelling Unit Revolving Fund Equity Program administered by the Hawaii Housing Finance and Development Corporation (HHFDC) to help address affordable housing needs. The program allows HHFDC to purchase equity in for-sale housing development projects, effectively reducing the purchase price for eligible buyers. An eligible buyer must be a bona fide Hawaii resident who owns no other real property, receives no gift funds, and works in a profession facing a workforce shortage (such as healthcare, education, law enforcement, or agriculture). If a buyer sells their unit within 30 years, they must repay the corporation's equity and its share of any appreciated unit value. The bill also modifies the Dwelling Unit Revolving Fund to explicitly allow for purchasing equity in housing projects and provides interim financing. Importantly, the bill repeals the previous five-year pilot program and transforms the equity assistance into a permanent program, with HHFDC required to prioritize government projects and establish criteria for buyer selection through administrative rules. The goal is to make homeownership more accessible for working professionals in Hawaii by providing financial assistance through equity investment.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=80&year=2025