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 a self-help housing program.

• Prioritizes loans for projects funded by the U.S. Department of Housing and Urban Development, U.S. Department of Agriculture Rural Development, and U.S. Department of the Treasury that reserve at least 50% of units for households earning at or below 80% of median family income (with 5% for those at or below 50% median income).

• Establishes the Qualified Nonprofit Housing Trust Program authorizing the Hawaii Housing Finance and Development Corporation to provide loans to qualified nonprofit housing trusts and nonprofit community development financial institutions for developing affordable housing units for households earning up to 140% of area median income.

• Permits the corporation to waive certain restrictions on affordable housing units developed under the trust program if the qualified nonprofit housing trust loan is repaid upon sale or transfer of the housing units, while requiring permanent affordability restrictions to remain in place.

• Effective January 1, 2050.