Bill > HB744

This bill makes the Dwelling Unit Revolving Fund Equity Program a permanent part of Hawaii's housing development strategy, allowing the Hawaii Housing Finance and Development Corporation to purchase equity in for-sale housing development projects. The program enables the corporation to invest in specific housing units, reducing the purchase price for eligible buyers who are bona fide Hawaii residents and do not own other residential property. The bill establishes detailed guidelines for the program, including provisions that if a buyer sells the unit within 30 years, they must repay the corporation's equity and share of appreciated value. Eligible developers can also use equity in project units to repay interim financing, and the corporation can establish additional qualifications for buyers, such as working in professions facing labor shortages. The bill repeals the previous temporary five-year pilot program and integrates the equity program permanently into the Dwelling Unit Revolving Fund, which can now be used for purchasing equity, interim financing, and other housing development purposes. The program aims to address Hawaii's housing affordability challenges by providing innovative financing options for residents seeking to purchase homes.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=744&year=2026