Bill > HB294

This bill aims to modernize the lease language for available lands under the Hawaiian Homes Commission Act to improve financing options for native Hawaiian families. Specifically, the bill requires that land leases for "available lands" (as defined in section 203 of the Hawaiian Homes Commission Act) must now conform to the securitization requirements of federally insured lending programs like Fannie Mae and Freddie Mac. The legislature recognizes that the current lease documents have been an impediment to native Hawaiian families seeking financial support, as they do not meet the standards necessary for federal lending programs. By updating the lease language, the bill seeks to make it easier for homesteaders to obtain mortgages and access financial resources. The bill will take effect either when the Secretary of the Interior provides a notification letter stating the Act meets certain criteria, or when the United States Congress approves the law.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=294&year=2025