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HI HR190
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 use Dwelling Unit Revolving Fund moneys to issue zero percent interest loans or grants to homebuyers with incomes between 60 and 140 percent of the state median family income.
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Requests that fund allocation prioritize projects with the lowest average loan amount as a percentage of unit sale price to maximize housing assistance impact.
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Requires repayment moneys from zero percent interest loans to be redeposited into the Dwelling Unit Revolving Fund for issuance of new zero percent interest loans to eligible buyers.
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Cites Hawaii's severe housing crisis, with a 2019 study projecting a need for 50,156 additional homes by 2025 and mortgage interest rates rising from 3.11 percent in December 2021 to 6.42 percent in December 2022.
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