HI SB2039

Authorizes the director of finance to issue general obligation bonds to reinstate the housing loan and mortgage program, also known as the Hula Mae Single Family Program, under Hawaii Revised Statutes sections 201H-91 through 201H-120.

Amends section 201H-92 to permit eligible borrowers to use dwelling units purchased or repaired under the program as their permanent and primary residence.

Appropriates bond proceeds for fiscal year 2010-2011 to the Hawaii Housing Finance and Development Corporation for program implementation, with unencumbered funds lapsing on June 30, 2012.

Requires the Hawaii Housing Finance and Development Corporation to amend Hawaii Administrative Rules chapter 161 to replace references to chapter 201G with chapter 201H of Hawaii Revised Statutes.

Directs the Hawaii Housing Finance and Development Corporation to submit a report to the legislature at least 60 days before the 2011 session containing loan data and analysis on the desirability of continuing the program.