Bill > SB627

This bill establishes a down payment assistance program administered by the Hawaii Housing Finance and Development Corporation to help current and former Hawaii residents purchase single-family homes. The program will provide matching grants up to $50,000 or 10% of a home's value, with specific eligibility requirements including having graduated from a Hawaii high school and either being a current resident or a former resident who left to pursue a four-year college degree. Eligible applicants must use the funds to purchase their primary residence and commit to being the owner-occupant, with a requirement to repay the grant plus 8% interest if they fail to meet the program's conditions. The bill creates a special fund for the program, which will be financed through legislative appropriations and repayments, and allocates funding for two full-time positions to administer the program. The legislature's motivation for creating this program is to address Hawaii's population decline, high cost of living, and the economic and social challenges caused by residents leaving the state, with the goal of making homeownership more accessible and encouraging residents to stay or return to Hawaii.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=627&year=2026