HI SB2472

Establishes a home ownership housing revolving fund administered by the Hawaii Housing Finance and Development Corporation to provide loans and grants for affordable for-sale housing projects.

Prioritizes funding for projects with low-income housing tax credits or federal funding (HUD, USDA Rural Development, Treasury Community Development Financial Institutions Fund) that reserve at least 50% of units for persons earning at or below 80% of median family income, with 5% for those at or below 30% of median family income.

Allows fund moneys to be used for development, pre-development, construction, land acquisition, down payments, and other housing development activities, with potential recapture of loans if projects are refinanced or sold.

Requires the corporation to establish loan-to-value ratios not exceeding 100% and maintain minimum debt-coverage ratios of 1:1 in underwriting guidelines.

Requires annual legislative reporting on funded projects and efforts to develop housing for persons earning at or below 30% of median family income, including barriers to development.