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HI SR205
Resolution
AI Summary
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Urges the Hawaii Housing Finance and Development Corporation to issue loans or grants to homebuyers in four high priority categories: those with incomes between 60-140% of state median family income, owner-occupants with no other real property, individuals on the Department of Hawaiian Home Lands waitlist, and public employees.
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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 housing assistance impact.
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Directs that loan repayments and grant recoveries be recycled into new loans or grants for other eligible buyers in high priority housing categories.
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Cites a 2019 study finding the state needs 50,156 additional homes by 2025 and notes that mortgage interest rates increased from 3.11% in December 2021 to 6.42% in December 2022.
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Requires transmission of a certified copy of the resolution to the Executive Director of the Hawaii Housing Finance and Development Corporation.
Legislative Description
Urging The Hawaii Housing Finance And Development Corporation To Issue Loans Or Grants To Buyers In High Priority Housing Categories, Including But Not Limited To Buyers With Incomes Above Sixty And At Or Below One Hundred Forty Percent Of The Median Family Income For The State, Owner-occupants Who Own No Other Real Property, Individuals On The Department Of Hawaiian Home Lands Waitlist, And Public Employees.
Hawaii Housing Finance and Development Corporation
Last Action
Certified copies of resolutions sent.
5/22/2023