HI HB1009

Creates a permanent Dwelling Unit Revolving Fund Equity Program allowing the Hawaii Housing Finance and Development Corporation to purchase equity in for-sale housing development projects secured by recorded instruments.

Reduces eligible buyer contributions by the corporation's equity amount for specific units, with eligible buyers defined as bona fide state residents who do not own a majority interest in residential real property.

Requires buyers to repay the corporation's equity and its share of appreciated unit value within 30 years if they sell, refinance, transfer title, cease owner occupancy, or rent the unit; obligation runs with the deed until satisfied.

Allows the corporation to establish additional buyer qualifications including requirement that buyers work in professions facing labor shortages and that gift funds not exceed 35% of unit purchase price.

Repeals the five-year pilot program sunset provisions from Act 92 (2023), making the equity program permanent rather than temporary, and allows the program to fund interim and permanent financing for housing projects.