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HI HCR185
Concurrent Resolution
Status
3/10/2023
Primary Sponsor
Troy Hashimoto
Click for details
AI Summary
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Urges the Hawaii Housing Finance and Development Corporation to issue zero percent interest loans or grants to homebuyers with incomes between 60% and 140% of the state's median family income using Dwelling Unit Revolving Fund moneys.
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Requests that allocated moneys prioritize projects with the lowest average loan amount as a percentage of unit sale price to maximize fund efficiency.
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Requires repayment moneys from zero percent interest loans or grants to be redeposited into the Dwelling Unit Revolving Fund for issuing new loans to eligible buyers.
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Cites Hawaii's severe housing shortage requiring 50,156 additional homes by 2025 and mortgage interest rate increases from 3.11% (December 2021) to 6.42% (December 2022) as rationale for the initiative.
Legislative Description
Urging The Hawaii Housing Finance And Development Corporation To Use Dwelling Unit Revolving Fund Moneys To Issue Zero Percent Interest Loans Or Grants To Buyers With Incomes Above Sixty And At Or Below One Hundred Forty Percent Of The Median Family Income For The State.
Hawaii Housing Finance and Development Corporation
Last Action
The committee(s) on HSG recommend(s) that the measure be deferred.
3/22/2023