Bill Text: HI SB2543 | 2014 | Regular Session | Amended
Bill Title: Homeownership Revolving Fund; Debt Service
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2014-02-20 - The committee on WAM deferred the measure. [SB2543 Detail]
Download: Hawaii-2014-SB2543-Amended.html
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THE SENATE |
S.B. NO. |
2543 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO HOUSING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 201H, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§201H- Homeownership revolving fund; established. (a) There is established in the state treasury the homeownership revolving fund to assist certain families or individuals seeking homeownership. The revolving fund shall be administered by the corporation in partnership with community organizations.
(b) The revolving fund shall be used to pay the debt service for a dwelling or dwelling unit purchased by an eligible family or individual for the first sixty months at zero per cent interest; provided that:
(1) Payments will be made through monthly mortgage payments beginning with the first scheduled loan payment;
(2) The family's or individual's income does not exceed eighty per cent of the area median income as determined by the United States Department of Housing and Urban Development;
(3) Upon the sixty-first month, the family or individual pays interest to the revolving fund on a graduated scale; and
(4) The community organization assisting these families or individuals shall guarantee the loan to the family or individual.
The corporation shall adopt rules to specify the graduated scale and additional eligibility or qualification requirements.
(c) Moneys appropriated for the purposes of this section shall be deposited into the homeownership revolving fund.
(d) The corporation shall adopt rules in accordance with chapter 91 to effectuate the purposes of this section."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050.
Report Title:
Homeownership Revolving Fund; Debt Service
Description:
Establishes the homeownership revolving fund to assist households whose income does not exceed eighty per cent of the area median income by allowing the households to pay no debt service at zero per cent interest for the first sixty months and then pay interest on a graduated scale. Effective 7/1/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
