HI HB1551

Expands the definition of "eligible project loan" to include rent-to-own housing projects whose units are subject to income restrictions under section 201H-181.

Establishes income eligibility requirement of no more than 140% of area median income (as determined by HUD) for housing projects financed through eligible project loans.

Changes the Homebuyers' Club program from discretionary ("may") to mandatory ("shall"), requiring the Hawaii Housing Finance and Development Corporation to establish this program for eligible participants.

Changes the Rent-to-Own program from discretionary ("may") to mandatory ("shall"), requiring the corporation to establish a program that credits a portion of rent payments toward unit purchase.

Authorizes the Hawaii Housing Finance and Development Corporation to issue revenue bonds in an unspecified principal amount to finance housing loan programs under chapter 201H.