HB2066 Summary

• Creates a downpayment guarantee program allowing the Hawaii Housing Finance and Development Corporation to guarantee downpayment loans from financial institutions to eligible first-time homebuyers in gap income groups.

• Establishes eligibility requirements including U.S. citizenship or resident alien status, age 18+, Hawaii residency, ability to provide at least 5% of sales price as downpayment, completion of approved financial education program, and first-time homebuyer status.

• Establishes a loan loss reserve fund subaccount within the dwelling unit revolving fund to support the guarantee program and authorizes the corporation to charge fees and premiums to maintain the fund.

• Appropriates unspecified general revenues for fiscal year 2020-2021 and creates two full-time equivalent positions to administer the program.

• Takes effect July 1, 2050.