HI HB1724

Establishes a permanent dwelling unit revolving fund equity program administered by the Hawaii Housing Finance and Development Corporation (HHFDC) to help qualified Hawaii residents purchase for-sale housing units by reducing their required contribution through government-purchased equity in housing development projects.

Requires buyers who sell their unit within 30 years to repay HHFDC's purchased equity plus the corporation's proportional share of any net appreciation in the property value.

Triggers repayment obligations if the buyer refinances, obtains additional secured financing, transfers title, ceases owner-occupancy, or rents the unit before the 30-year period expires.

Expands permitted uses of the dwelling unit revolving fund to include purchasing equity in for-sale housing projects and providing interim primary or secondary financing.

Repeals the existing 5-year pilot program established under Act 92 (2023) and converts it to a permanent program with modified computation methods for equity repayment; bill has a placeholder effective date of July 1, 3000.