Housing (Homeownership)

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.