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THE SENATE |
S.B. NO. |
1283 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to housing assistance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
The legislature recognizes that there is a pressing need for a state-managed revolving loan fund to provide emergency mortgage and housing assistance that supports homeowners facing short-term financial hardships.
Accordingly, the purpose of this Act is to establish the emergency home loan assistance revolving fund to provide Hawaii residents loans, under certain conditions.
SECTION 2. Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to part III, subpart A to be appropriately designated and to read as follows:
"§201H- Emergency home loan assistance revolving
fund. (a)
There is established the emergency home loan assistance revolving fund
to be administered by the corporation.
(b) The following may be deposited
into the fund:
(1) Appropriations made by the
legislature;
(2) Private contributions;
(3) Proceeds from the repayment of loans
issued under this section;
(4) Other returns; and
(5) Moneys from other sources.
(c) The fund shall be used to issue loans for
emergency home loan assistance payments to individuals who are in default or at
risk of being in default on their home loan; provided that a loan issued to an
individual shall not exceed an amount equal to three regular monthly payments
of the individual's home loan.
(d) Individuals who are issued a loan pursuant to
this section shall repay the loan to the corporation in full. The loan shall be repaid in full to the
corporation within ninety days following the satisfaction of the individual's home
loan term or upon sale of the property, whichever is earlier.
(e) The corporation shall adopt rules in
accordance with chapter 91 necessary to carry out the purposes of this section.
(f) The corporation shall submit a report of its
findings and recommendations concerning the emergency home loan assistance
revolving fund, including any proposed legislation, to the legislature no later
than twenty days prior to the convening of each regular session."
SECTION
3. There
is appropriated out of the general revenues of the State of Hawaii the sum of $
or so much thereof as may be necessary for fiscal year 2025-2026 and the
same sum or so much thereof as may be necessary for fiscal year 2026-2027
to be deposited into the emergency home loan assistance revolving fund.
SECTION
4. There
is appropriated out of the emergency home loan assistance revolving fund the
sum of $ or so much
thereof as may be necessary for fiscal year 2025-2026 and the same sum
or so much thereof as may be necessary for fiscal year 2026-2027 to issue loans
for emergency home loan assistance payments pursuant to section 2 of this Act.
The
sums appropriated shall be expended by the Hawaii housing finance and
development corporation for the purposes of this Act.
SECTION 5. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2025.
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INTRODUCED BY: |
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Report Title:
HHFDC; Emergency Home Loan Assistance Revolving Fund; Reports; Appropriations
Description:
Establishes the Emergency Home Loan Assistance Revolving Fund to be administered by the Hawaii Housing Finance and Development Corporation. Establishes terms for loans issued from the Revolving Fund. Requires annual reports to the Legislature. Appropriates funds.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.