Report Title:

Homeownership

 

Description:

Appropriates funds to the counties to provide low- and moderate-income first-time homebuyers, in conjunction with the federal Housing and Urban Development's HOME Investment Partnership Program, forgivable loans at similar interest rates to cover up to $10,000 of the closing costs for a first single family home purchase.  (HB101 HD1

 


HOUSE OF REPRESENTATIVES

H.B. NO.

101

TWENTY-FOURTH LEGISLATURE, 2007

H.D. 1

STATE OF HAWAII

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO HOMEOWNERSHIP.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  For many low- and moderate-income earners in Hawaii, the legislature finds that the prospect of making mortgage payments is not nearly as formidable as saving enough for the down payment and closing costs needed to buy a home.  Even higher-income families often must seek help from relatives to overcome this obstacle.  The legislature finds that Hawaii should provide forgivable loans for closing cost assistance to support first-time buyers.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $1,000,000 or so much thereof as may be necessary for fiscal year 2007-2008 and the same sum or so much thereof as may be necessary for fiscal year 2008-2009 for the counties to provide in conjunction with the federal Housing and Urban Development's HOME Investment Partnership Program, forgivable loans at similar interest rates to cover the closing costs of a home purchase, up to a maximum amount of $10,000, as follows:

     City and county of Honolulu       $

     County of Kauai                   $

     County of Maui                    $

     County of Hawaii                  $

     The sums appropriated shall be expended by the city and county of Honolulu and the counties of Kauai, Maui, and Hawaii for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2007.