HI HB870

Expands the definition of "family member" eligible to serve as a co-mortgagor for Hawaii Housing Finance and Development Corporation mortgages to include extended family members and "hanai" (adopted) family members.

Requires that a qualified resident receiving assistance from a co-mortgagor must have an income of at least 50 percent of the amount required to independently qualify for the loan.

Clarifies that a co-mortgagor's income and assets are not counted when determining the qualified resident's eligibility for the mortgage program.

Maintains existing restrictions that co-mortgagors may own other properties, have no more than 1 percent interest in the dwelling unit, and must certify they do not intend to reside in the unit.

Effective date: July 1, 2050.