HI HB1550

Establishes the Section 8 Voucher Homebuyer Assistance Program within the Hawaii Public Housing Authority to offer home loans at below-market interest rates to federal Section 8 housing choice voucher recipients.

Allows eligible borrowers to use their Section 8 housing choice vouchers toward monthly mortgage payments and permits the authority to charge fees and premiums deposited into a dedicated special fund.

Authorizes the authority to make downpayment loans up to 15% of purchase price or $15,000 (whichever is less) with interest rates ranging from 0% to 8% based on borrower income, secured by a second mortgage.

Establishes qualification requirements including U.S. citizenship or resident alien status, age 18+, Hawaii residency, and completion of an approved homeownership counseling program.

Authorizes issuance of revenue bonds and appropriates funds for fiscal years 2017-2018 and 2018-2019 to establish and implement the program; effective July 1, 2017.