Establishes the emergency home loan assistance revolving fund to provide loans to Hawaii residents facing mortgage default.
The bill establishes the emergency home loan assistance revolving fund to provide loans to Hawaii residents facing mortgage default. The fund will be administered by the Hawaii Housing Finance and Development Corporation. Appropriations, private contributions, loan repayments, and other returns will be deposited into the fund. Loans will not exceed three regular monthly payments of the individual's home loan. The fund aims to support homeowners facing short-term financial hardships and promote long-term financial resilience.
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