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HI HB1351
Bill
Status
1/23/2025
Primary Sponsor
Daniel Holt
Click for details
AI Summary
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Increases the State's liability limit for loans borrowed by or guaranteed by the Department of Hawaiian Home Lands from $100,000,000 to $500,000,000.
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Amends Section 214(b)(5) of the Hawaiian Homes Commission Act, 1920, to raise the cap on the department's contingent liability for moneys borrowed and departmental guarantees of loans made to lessees.
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Addresses market conditions including increased mortgage interest rates and construction costs that prevent Hawaiian home lands lessees from qualifying for mortgages or affording home builds under current programs.
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Allows the department to guarantee increased loan amounts to facilitate housing development for applicants on the department's waitlist, which exceeds 28,000 individuals.
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Takes effect July 1, 3000, or earlier upon Secretary of the Interior notification that the act meets none of the criteria requiring Congressional approval, or upon Congressional approval becoming law.
Legislative Description
Relating To The Hawaiian Homes Commission Act, 1920, As Amended.
Loans
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Belatti, Cochran, Kila, Ward excused (4).
2/10/2025