HI HB677

Amends Hawaii Revised Statutes section 201H-47 to change the interest rate calculation for purchasers of certain real property who sell after ten years from a fixed seven percent per year to a rate established by the Hawaii Housing Finance and Development Corporation (HHFDC).

Establishes a five-year dwelling unit revolving fund equity pilot program for residents earning 80-120% of area median income, allowing HHFDC to purchase equity in for-sale housing units and reduce buyer prices accordingly.

Requires buyers who sell units within thirty years to repay HHFDC's appreciated equity value; if not sold within thirty years, repayment obligation must be satisfied before the thirty-year period expires and runs with the deed.

Creates one full-time housing development specialist III position at HHFDC to support the pilot program and appropriates funds for both fiscal years 2023-2024 and 2024-2025.

Requires HHFDC to submit interim reports to the legislature by 2024, 2025, 2026, and 2027, and a final report by 2028; program sunsets June 30, 2028, though repayment obligations continue beyond that date.