HB 2547 Summary

• Authorizes the Hawaii Housing Finance and Development Corporation (HHFDC) to administer new reserved housing and workforce housing units in community development districts, consolidating administration under a single agency.

• Allows HHFDC to adopt rules permitting owners of reserved and workforce housing units to obtain home equity lines of credit, refinance their units, or pay their shared equity.

• Requires that shared equity owed to the Hawaii Community Development Authority upon sale of reserved or workforce housing units be paid to HHFDC instead.

• Maintains existing regulated terms on unit deeds when units are transferred to HHFDC and requires the authority to inform owners they may participate in HHFDC's program.

• Takes effect July 1, 2050.