Honolulu, Hawaii
H.D. 2
Speaker, House of Representatives
Twenty-Ninth State Legislature
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 530, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO HOMEBUYER ASSISTANCE,"
begs leave to report as follows:
The purpose of this measure is to:
(1) Update the Downpayment Loan Program under the Hawaii Housing Finance and Development Corporation (HHFDC); and
(2) Establish a Downpayment Loan Loss Reserve Program to assist low- and moderate-income households to become first-time homebuyers.
HHFDC and Hawaii Association of Realtors testified in support of this measure.
Your Committee has amended this measure by:
(1) Making the following unspecified amounts:
(A) The maximum percentage amount and specified dollar amount of a downpayment loan to a borrower with respect to the purchase price or appraised value of the residential property;
(B) The maximum percentage amount allowed of the combined loan-to-value ratio of the loan amount and purchase money mortgage amount;
(C) The minimum percentage amount of the interest rate on loans; and
(D) The minimum percentage amount of the residential property sales price that a qualifying person must provide for their downpayment under the Downpayment Loan Program; and
(2) Changing its effective date to July 1, 2030, to facilitate further discussion; and
(3) Making technical, nonsubstantive amendments for clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 530, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 530, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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SYLVIA LUKE, Chair |
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