Establishes an 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 be administered by the Hawaii housing finance and development corporation. The fund will provide loans to individuals in default or at risk of default on their home loans, up to three regular monthly payments. The fund will be financed by appropriations, private contributions, loan repayments, and other returns. The Hawaii housing finance and development corporation will adopt rules to carry out the purposes of this Act and submit a report to the legislature. The Act takes effect on July 1, 2025.
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