Increases the limit of the State's liability for loans guaranteed by the Department of Hawaiian Home Lands.
The bill amends the Hawaiian Homes Commission Act to increase the limit of the State's liability from $100,000,000 to $500,000,000 for loans made to lessees that are guaranteed by the Department of Hawaiian Home Lands. This change responds to rising mortgage interest rates and construction costs, which have made it difficult for lessees to qualify for mortgages or afford home builds.
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