Bill > HB1009

This bill establishes a permanent Dwelling Unit Revolving Fund Equity Program administered by the Hawaii housing finance and development corporation, which allows the corporation to purchase equity in for-sale housing development projects to help make housing more affordable. Under the program, the corporation can invest equity in specific housing units, reducing the purchase price for eligible buyers who must be bona fide Hawaii residents who do not own a majority interest in other residential property. The corporation can prioritize buyers in professions facing labor shortages and set rules limiting gift funds to 35% of the unit purchase price. If a buyer sells the unit within 30 years, they must repay the corporation's equity and its percentage share of the unit's appreciated value; similar repayment rules apply if the unit is refinanced, transferred, or rented before the 30-year period ends. The bill also modifies the Dwelling Unit Revolving Fund to explicitly include purchasing equity in housing projects among its authorized uses, and it repeals the previous temporary five-year pilot program, effectively making the equity program a permanent initiative to help Hawaii residents access homeownership.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1009&year=2026