Establishes a revolving fund equity program to address the high demand for for-sale housing units in Hawaii.
The bill establishes a dwelling unit revolving fund equity program to address the high, unmet demand for for-sale housing units by Hawaii residents. The Hawaii Housing Finance and Development Corporation can purchase equity in for-sale housing development projects, reducing the price for eligible buyers. Buyers must repay the appreciated equity value if they sell the unit within thirty years. The program aims to benefit qualified residents, including those in critical professions facing housing shortages.
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