Bill > SB3079

This bill makes permanent the Dwelling Unit Revolving Fund Equity Pilot Program, which was initially a temporary program designed to help address the high demand for for-sale housing units in Hawaii by allowing the Hawaii Housing Finance and Development Corporation (the "corporation") to purchase equity in housing development projects. This means the program, which helps eligible buyers by reducing their purchase price through the corporation's equity contribution, will continue indefinitely. The bill also repeals the sunset date for Act 92, Session Laws of Hawaii 2023, which established the pilot program, effectively making the program permanent and removing the previous expiration date of June 30, 2028. The bill clarifies that when a buyer sells a unit where the corporation provided equity, they must repay the corporation's purchased equity and any equity percentage share, and this repayment obligation continues until satisfied, even if the unit is refinanced, transferred, or used for non-owner occupancy.

Housing and Urban Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=3079&year=2026