Establishes a five-year pilot program for a dwelling unit revolving fund equity program in Hawaii.
The bill amends Hawaii law to establish a five-year pilot program for a dwelling unit revolving fund equity program. The Hawaii Housing Finance and Development Corporation can purchase equity in for-sale housing development projects. Eligible buyers must be bona fide residents of Hawaii, own no other real property, receive no gift funds, and work in a profession facing a labor shortage. Buyers must repay the corporation's equity if they sell the unit within thirty years. The corporation can establish criteria for prioritizing eligible buyers and submit reports to the legislature.
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