HB 477 Summary

• Establishes a Homeownership Housing Revolving Fund administered by the Hawaii Housing Finance and Development Corporation to provide loans to nonprofit community development financial institutions and nonprofit housing development organizations for affordable homeownership projects under self-help housing programs.

• Prioritizes fund distribution to projects funded by U.S. Department of Housing and Urban Development, U.S. Department of Agriculture Rural Development, and U.S. Department of the Treasury programs that reserve at least 50% of units for households at or below 80% of median family income.

• Creates a Qualified Nonprofit Housing Trust Program authorizing HHFDC to provide loans to qualified nonprofit housing trusts and nonprofit community development financial institutions for development of affordable housing units for households earning up to 140% of area median income.

• Allows HHFDC to waive or modify certain affordability restrictions on housing units developed under the qualified nonprofit housing trust program if the loan is repaid upon sale or transfer of the units.

• Appropriates unspecified amounts from general revenues to both the homeownership housing revolving fund and qualified nonprofit housing trust revolving fund for fiscal year 2019-2020; effective January 1, 2050.