HI SB861

Legislative Reference Bureau shall propose a housing savings account system for Hawaii and conduct a study to evaluate its viability, with authority to contract for services to develop the system and program

Proposed system shall include employee contributions and employer-matched contributions to accounts that can be used for downpayments, mortgage payments, rent, security deposits, and other lawful housing purposes

Study must examine implementation barriers, resident and employee attitudes, feasibility components, inclusion of independent contractors, and mechanisms to exempt account funds from asset calculations under federal public housing regulations

Legislative Reference Bureau shall submit report with findings, recommendations, and any proposed legislation to the legislature no later than 20 days before the 2025 regular session

Appropriation of unspecified amount from general revenues for fiscal years 2023-2024 and 2024-2025 to fund the contract services and study, with effective date of July 1, 2050