SB627

Establishes a program to assist Hawaii residents with down payments for primary residences.

The bill establishes a program to help current and former Hawaii residents with down payments for purchasing primary residences. It aims to address the high cost of living and encourage residents to stay or return to the state. The program will award grants up to 10% of the home's value or $50,000, whichever is less. To qualify, applicants must have a high school diploma from Hawaii and use the award for a down payment. The program is funded by a special fund, with appropriations and repayments contributing to it.