Bill > SB2069

This bill establishes the Dwelling Unit Revolving Fund Equity Program as a permanent initiative, administered by the Hawaii Housing Finance and Development Corporation (HHFDC), to help qualified residents purchase homes. The HHFDC will use money from the Dwelling Unit Revolving Fund to buy equity in for-sale housing projects, thereby reducing the initial purchase price for eligible buyers, who are defined as qualified residents of the state. Upon certain events, such as selling, refinancing, or transferring ownership of the unit, or after thirty years, the buyer will be required to repay the HHFDC's purchased equity, plus a share of any appreciation in the property's value. This program replaces the temporary Dwelling Unit Revolving Fund Equity Pilot Program, which was set to expire, and makes the equity repayment requirements permanent. The bill also amends existing law to allow the Dwelling Unit Revolving Fund to be used for this new permanent program and adjusts the repeal date of the pilot program to June 30, 2026, with the new permanent program taking effect on July 1, 2050.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2069&year=2026