Establishes within the Hawaii Housing Finance and Development Corporation a current and returning resident down payment program to provide matching funds for the down payment on a primary residence. Appropriates moneys and establishes positions.
This House Resolution (HR 6) urges Hawaii counties to freeze property taxes on the primary residences of homeowners aged 75 and older. It directly affects senior homeowners in Hawaii, aiming to improve their financial stability amid the state’s high cost of living. The resolution recommends counties implement this tax freeze, which would end if the homeowner sells the property, transfers ownership, or no longer resides there. It is non-binding, meaning counties are encouraged but not required to adopt this policy.
Establishes the Homeless Services Special Fund. Allows counties to apply for matching funds from the Affordable Homeownership Revolving Fund for certain housing projects. Increases the conveyance tax rates for certain properties. Establishes conveyance tax rates for multifamily residential properties. Establishes new exemptions to the conveyance tax. Allocates collected conveyance taxes to the Affordable Homeownership Revolving Fund, Homeless Services Special Fund, and Dwelling Unit Revolving Fund. Amends allocations to the Land Conservation Fund and Rental Housing Revolving Fund.
This Hawaii Senate resolution (SCR 12) urges the U.S. Congress to change federal tax law so that homeowners (owner-occupants) can deduct the same property-related expenses as business property owners. Currently, businesses like real estate investment trusts (REITs) can deduct costs such as depreciation, property taxes, insurance, maintenance, and utilities, but homeowners are limited to deducting only mortgage interest. The resolution states this disparity creates an unfair tax disadvantage for Hawaii homeowners, hindering affordability as housing costs are a major barrier. It does not create new law but formally requests Congress to address this imbalance.
Establishes the Homeless Services Special Fund. Allows counties to apply for matching funds from the Affordable Homeownership Revolving Fund for certain housing projects. Increases the conveyance tax rates for certain properties. Repeals the separate conveyance tax rates for the sale of a condominium or single family residence for which the purchaser is ineligible for a county homeowner's exemption on property tax and establishes conveyance tax rates for multifamily residential properties. Establishes new exemptions to the conveyance tax. Allocates collected conveyance taxes to the Affordable Homeownership Revolving Fund, Homeless Services Special Fund and general fund. Amends allocations to the Land Conservation Fund and Rental Housing Revolving Fund.
Amends, for purposes of the Hawaii Housing Finance and Development Corporation's Rent-to-Own Program, the period during which the sales price of a dwelling unit is required to remain fixed from 5 years to a period of up to 10 years. (CD1)
Exempts affordable housing projects that are financed by a nonprofit community development financial institution certified by the Hawaii Housing Finance and Development Corporation as utilizing less than a certain amount from the Affordable Homeownership Revolving Fund from prevailing wage provisions. Effective 7/1/3000. (HD2)
HB 1756 updates the Individual Housing Account Program statute to adjust how down-payment costs are calculated, ensuring the program reflects current housing market prices. This change directly affects individuals using the program to save for home purchases by aligning eligibility and contribution requirements with present-day housing costs. The bill modifies the statutory formula used to determine down-payment assistance amounts, removing outdated cost references to better serve participants. (3 sentences)
Clarifies that dwelling units eligible under the Rent-to-Own Program shall be units that are for sale in fee simple or leasehold on state or county land under a lease with an initial term of no less than ninety-nine years. Increases the time the sale price under the program must remain fixed from five years to ten years. Effective 7/1/3000. (HD1)
Requires the Hawaii Housing Finance and Development Corporation to compile, maintain, and publish on its website a public inventory of underutilized public properties suitable for affordable rental housing development. Requires the HHFDC to provide legal and administrative assistance to requesting county agencies and eligible developers to accelerate the development of affordable rental housing projects. Establishes eligibility requirements for developers and rental housing projects seeking interim financing from the HHFDC. Establishes the Affordable Rental Supply Revolving Fund to be administered by the HHFDC to provide interim financing for eligible developers of approved rental housing projects. Establishes the Affordable Homeownership Program within the HHFDC to provide second mortgages to homebuyers under certain conditions. Establishes eligibility requirements for a homebuyer seeking a second mortgage from the HHFDC. Establishes the Affordable Homeownership Assistance Revolving Fund to be administered by the HHFDC. Appropriates funds.
