HI HB992

Clarifies that $5,000,000 in general funds appropriated under Act 248, Session Laws of Hawaii 2022, shall be deposited into the affordable homeownership revolving fund established under Hawaii Revised Statutes section 201H-206.

Changes the use of appropriated funds from a specific purpose (loans to nonprofit community development financial institutions and nonprofit housing development organizations) to the general purposes for which the revolving fund was established.

Ensures loan repayments are deposited into the affordable homeownership revolving fund rather than the general fund.

Provides that appropriated moneys shall not lapse at the end of fiscal year 2022-2023, but any unencumbered funds remaining on June 30, 2024, shall lapse on that date.

Takes effect on July 1, 2050.