Hawaii HB1837 increases the maximum annual deduction and account levels for individual housing accounts to assist with homeownership.

Hawaii HB1837 addresses the state's affordable housing crisis by amending the individual housing account program. The bill increases the maximum annual deduction for contributions into individual housing accounts and raises the maximum account levels to better reflect current housing prices. These accounts, which are trusts created for the exclusive benefit of an individual or a married couple, are intended to help residents save for a down payment and closing costs on their first principal residence in Hawaii.

Hawaii HB1837 increases the maximum annual deduction and account levels for individual housing accounts to assist with homeownership.

Hawaii HB1837 addresses the state's affordable housing crisis by amending the individual housing account program. The bill increases the maximum annual deduction for contributions into individual housing accounts and raises the maximum account levels to better reflect current housing prices. These accounts, which are trusts created for the exclusive benefit of an individual or a married couple, are intended to help residents save for a down payment and closing costs on their first principal residence in Hawaii.