HI SB1202

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

Fund covers debt service payments for dwelling purchases for the first 60 months for households with income not exceeding 80 percent of area median income as determined by HUD.

Starting in month 61, borrowers pay interest to the revolving fund on a graduated scale as determined by the corporation through administrative rules.

Corporation authorized to adopt rules specifying the graduated interest scale and additional eligibility or qualification requirements under Hawaii Revised Statutes Chapter 91.

Takes effect July 1, 2050.