HI SB2409

Establishes the current and returning resident down payment program administered by the Hawaii Housing Finance and Development Corporation to assist Hawaii residents and former residents with down payments on single-family primary residences.

Provides matching grants of up to one dollar for each dollar of down payment contributed by a qualified applicant, with a maximum award of the lesser of 10% of the home's value or $50,000.

Requires applicants to have earned a high school diploma from a Hawaii school, and former residents must have left to pursue a four-year baccalaureate degree at an accredited college or university.

Creates the current and returning resident down payment special fund, funded by legislative appropriations and repayments from applicants who fail to meet eligibility requirements (repayment includes 8% interest).

Takes effect July 1, 2050.