HB 1009 Hawaii House · 2025 Regular Session

RELATING TO THE DWELLING UNIT REVOLVING FUND.

Summary

Makes the Dwelling Unit Revolving Fund Equity Pilot Program permanent. Allows partial or full repayment of Dwelling Unit Revolving Fund interim loans in the form of unit equity through the Dwelling Unit Revolving Fund Equity Program. Effective 7/1/3000. (HD1)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

House Passage

Mar 2025

Senate Passage

Governor

Introduced Jan 21, 2025 Last action Mar 6, 2025

Maddy AI version diff · 1 comparison

What changed between versions

HB1009 → HB1009_HD1 · 6 edits

MODERATE

This bill converts a temporary five-year pilot program into a permanent dwelling unit revolving fund equity program. It expands the fund's purposes to include broader infrastructure projects and clarifies how the corporation can purchase equity in housing developments. The bill also updates the effective date and repealing provisions to ensure the program continues indefinitely.

Scope change

The program scope expanded from a limited five-year pilot to a permanent state program, and the fund's allowable uses were broadened to include regional state infrastructure and mixed-use transit-oriented development projects.

TIMELINE

Changed the program from a five-year pilot ending June 30, 2028, to a permanent program with no expiration date.

FISCAL

Expanded the dwelling unit revolving fund's allowed uses to include regional state infrastructure programs, mixed-use transit-oriented development, and federal requirements for housing projects.

REQUIREMENT

Updated repayment terms to clarify that buyers must repay the corporation's equity and a percentage share of appreciated value upon sale or certain events within thirty years.

Added new reporting requirements for the corporation to submit interim and final reports to the legislature on the program's progress.

ENFORCEMENT

Added authority for the corporation to establish rules for calculating and assessing appreciated equity values and to prioritize eligible buyers based on state goals.

TECHNICAL

Updated the effective date to July 1, 3000, and removed the repeal clause that would have ended the program in 2028.

Floor votes · House Mar 4, 2025

How they voted

49–0

Passed · 2 other

Total votes 51

Mar 4, 2025

D Democratic41

41 Yea

100% Yea

R Republican10

8 Yea 2

80% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 6, 2025

Committee

Referred to HOU, WAM.

upper

Mar 6, 2025

Introduced

Received from House (Hse. Com. No. 321).

upper

Mar 4, 2025

Lower · Passed

Passed Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Pierick, Ward excused (2). Transmitted to Senate.

lower

Feb 25, 2025

Lower · Passed

The committee on FIN recommend that the measure be PASSED, UNAMENDED. The votes were as follows: 14 Ayes: Representative(s) Yamashita, Takenouchi, Grandinetti, Holt, Hussey, Keohokapu-Lee Loy, Kusch, Lamosao, Lee, M., Miyake, Morikawa, Templo, Alcos, Reyes Oda; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Kitagawa, Ward.

lower

Feb 12, 2025

Committee

Reported from HSG (Stand. Com. Rep. No. 485) as amended in HD 1, recommending passage on Second Reading and referral to FIN.

lower

Feb 7, 2025

Lower · Passed

The committee on HSG recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 7 Ayes: Representative(s) Evslin, Miyake, Grandinetti, Kitagawa, La Chica, Muraoka, Pierick; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Cochran, Kila.

lower

Jan 23, 2025

Committee

Referred to HSG, FIN, referral sheet 3

lower

Jan 23, 2025

Introduced

Introduced and Pass First Reading.

lower

Jan 21, 2025

Introduced

Pending introduction.

lower

1 primary · 0 co-sponsors