RELATING TO THE DWELLING UNIT REVOLVING FUND.

Removed the June 30, 2028 expiration date for the program, making it permanent in the Hawaii Revised Statutes.

Expanded the conditions under which a buyer must repay the corporation's equity to include the buyer's voluntary sale of the unit, in addition to refinancing, transfers, or non-owner occupancy.

Added a new subpart to Chapter 201H containing formal definitions for 'Housing development project' and 'Unit' to ensure clarity in the permanent statute.

Updated the list of allowable uses for the Dwelling Unit Revolving Fund to explicitly include the new permanent equity program alongside existing housing initiatives.

Added a clause stating that the corporation's powers under this new subpart are supplemental to its existing powers and not limited by them.

The sunset date for the program was extended from June 30, 2028, to June 30, 2031, and then changed to an indefinite expiration date of July 1, 3000, making the program permanent.

The requirement that equity purchases must occur within a 'transit-oriented development zone' was removed, allowing the program to apply to housing developments anywhere in the state.

New rules were added requiring buyers to repay the corporation's equity and share of net appreciation if they sell the unit within thirty years or under specific conditions like refinancing or ceasing owner-occupancy.

The bill authorizes the use of revolving fund proceeds for interim primary or secondary financing, in addition to purchasing equity in housing projects.

The definition of 'Unit' was updated to explicitly include both the structure/land and improved or unimproved real property developed for residential purposes.

The repayment obligation was clarified to run with the deed or lease until satisfied, ensuring the debt follows the property even if ownership changes.

Extended the program's expiration date from June 30, 2028, to June 30, 2031.

Added a requirement that purchased equity must be in for-sale housing projects located within transit-oriented development zones.

Added specific definitions for 'housing development project' and 'transit-oriented development zone' to clarify eligibility.

The bill's origin was changed from the House of Representatives to the Senate, and its status was updated to reflect a Floor Amendment.

A new section was added to record the legislative outcome of the amendment (Carried, Failed to Carry, or Withdrawn).

Minor formatting adjustments were made to the header and section titles.

Added a new Section 1 authorizing the Hawaii housing finance and development corporation to spend up to $20,000,000 from the dwelling unit revolving fund for the equity pilot program in fiscal year 2026-2027.

Added a new Section 2 to renumber the original sections 4 and 5 as sections 5 and 6, respectively, to accommodate the new funding section.

Changed the document type from a standalone Senate Bill to a House Amendment, altering the header and introductory text to reflect it is an amendment to the original bill.

The sunset date for the equity pilot program was extended from June 30, 2028, to June 30, 2031.

A new requirement mandates that all equity purchases under the program must occur in for-sale housing developments located within a transit-oriented development zone.

New definitions were added for 'housing development project' and 'transit-oriented development zone' to clarify eligibility based on county population and proximity to transit infrastructure.