Increases the state's liability limit for loans guaranteed by the Department of Hawaiian Home Lands.
This bill amends the Hawaiian Homes Commission Act to raise the limit on the state's liability for loans guaranteed by the Department of Hawaiian Home Lands from $100,000,000 to $500,000,000. This change aims to support lessees facing rising mortgage interest rates and construction costs, particularly in the wake of the 2023 Maui wildfires. The bill also allows the department to use various funds and mechanisms to ensure loan repayment, including cash guarantees and fee collection.
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