Bill > HB460

This bill establishes a permanent 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. Eligible buyers must be bona fide Hawaii residents who own no other real property, receive no gift funds, and work in professions facing worker shortages (such as healthcare, education, law enforcement, and agricultural fields). The program requires that if a buyer sells their unit within 30 years, they must repay the corporation's equity investment and 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. Additionally, the bill repeals the previous temporary Dwelling Unit Revolving Fund Equity Pilot Program that was set to expire in 2028, replacing it with this permanent program. The corporation is authorized to establish criteria for prioritizing eligible buyers and must adopt rules to implement the program, with a specific priority given to government housing projects.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=460&year=2025