Modernizes Hawaiian Homes Commission Act leases to meet federally insured lending program requirements.
Hawaii HB294 amends the Hawaiian Homes Commission Act to require that land leases conform to the requirements for securitization by federally insured lending programs such as Fannie Mae or Freddie Mac. This change aims to address funding impediments faced by native Hawaiian families holding homestead leases. The act will take effect upon notification from the Secretary of the Interior or upon congressional approval.
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