HI SB2543

Establishes a homeownership revolving fund administered by the Hawaii Housing Finance and Development Corporation in partnership with community organizations to assist eligible families and individuals seeking homeownership.

Provides zero percent interest debt service payments for the first 60 months, with payments made through monthly mortgage payments beginning with the first scheduled loan payment.

Restricts eligibility to families or individuals whose income does not exceed 80 percent of the area median income as determined by the U.S. Department of Housing and Urban Development.

Requires borrowers to pay interest on a graduated scale beginning in the 61st month, with community organizations providing loan guarantees for participating families or individuals.

Takes effect on July 1, 2050.