HI HB460

Establishes a permanent Dwelling Unit Revolving Fund Equity Program to help eligible buyers purchase for-sale housing units by reducing their contribution through corporation equity investments in specific units.

Eligible buyers must be Hawaii residents who own no other real property, receive no gift funds, work in shortage professions (health care, education, law enforcement, agriculture), and are prioritized based on corporation criteria.

When a unit is sold within 30 years, or upon refinancing, additional financing, title transfer, or rental within the 30-year period, the buyer must repay the corporation's equity contribution plus its share of any appreciated unit value.

Allows the corporation to purchase equity as a second mortgage loan on for-sale housing projects and permits developers to repay interim financing through equity contributions in project units, with government projects prioritized.

Repeals the previous five-year pilot program from Act 92 (Session Laws of Hawaii 2023) and clarifies that Dwelling Unit Revolving Fund proceeds can be used for equity purchases and interim primary or secondary financing.