Bill > HB1724

This bill makes the Dwelling Unit Revolving Fund Equity Pilot Program permanent, which is a program administered by the Hawaii Housing Finance and Development Corporation (HHFDC) to help state residents purchase homes. The program will now allow the HHFDC to purchase equity in for-sale housing development projects, meaning the corporation will contribute a portion of the cost of a home in exchange for a share of its future appreciation. This will reduce the initial cost for eligible buyers, who are defined as qualified residents. The bill also expands the uses of the Dwelling Unit Revolving Fund to include interim primary or secondary financing for housing projects. Additionally, it exempts disbursements from the Affordable Housing Revolving Fund from legislative appropriation and allotment requirements, meaning funds can be accessed more directly for housing initiatives. The bill also clarifies that if a buyer sells their unit within thirty years, they must repay the HHFDC's purchased equity and a percentage of any profit made on the sale, and this repayment obligation will be tied to the property deed. The bill is set to take effect on July 1, 3000.

Budget and Finance, Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1724&year=2026