HI HB460

Establishes a permanent Dwelling Unit Revolving Fund Equity Program allowing the Hawaii Housing Finance and Development Corporation (HHFDC) to purchase equity in for-sale housing projects via second mortgage loans, reducing purchase prices for eligible buyers

Eligible buyers must be Hawaii residents, own no other real property, receive no gift funds for the purchase, and work in shortage professions including health care, education, law enforcement, corrections, or agricultural field work

Buyers who sell within 30 years must repay HHFDC's equity plus share of appreciated value; after 30 years, repayment is triggered by refinancing, additional financing, title transfer, or renting the unit

Expands permitted uses of the Dwelling Unit Revolving Fund to include purchasing equity in for-sale housing development projects and providing interim primary or secondary financing

Repeals the existing 5-year Dwelling Unit Revolving Fund Equity Pilot Program (established by Act 92, 2023) and replaces it with this permanent statutory program, prioritizing government projects