| 41 | | - | WHEREAS, the State is experiencing a severe housing crisis; and WHEREAS, a 2019 study commissioned by the Department of Business, Economic Development, and Tourism found that the State will require an additional 50,156 homes by the year 2025; and WHEREAS, the Federal Home Loan Corporation, more commonly known as Freddie Mac, reported that the average thirty-year fixed residential mortgage interest rate rose from 3.11 percent in December 2021 to 6.42 percent in December 2022; and WHEREAS, this two hundred six percent increase in the average thirty-year fixed residential mortgage interest rate reflects the dramatically increasing monthly cost of owning a home in the State; and WHEREAS, home loans or grants made to eligible homebuyers could help counteract these higher interest rates and lower the effective borrowing interest rate; now, therefore, BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2023, that the Hawaii Housing Finance and Development Corporation is urged to issue loans or grants to buyers in high priority housing categories, including but not limited to: (1) Buyers with incomes above sixty and at or below one hundred forty percent of the median family income for the State; (2) Owner-occupants who own no other real property; (3) Individuals on the Department of Hawaiian Home Lands waitlist; and (4) Public employees; and BE IT FURTHER RESOLVED that moneys allocated for the loans or grants are requested to prioritize projects utilizing the lowest average loan amount as a percentage of unit sale price; and BE IT FURTHER RESOLVED that moneys received upon repayment of the loans or grants are requested to be used for the issuance of new loans or grants to other buyers in high priority housing categories, including but not limited to those categories above; and BE IT FURTHER RESOLVED that a certified copy of this Resolution be transmitted to the Executive Director of the Hawaii Housing Finance and Development Corporation. Report Title: Hawaii Housing Finance and Development Corporation; Home Loans |
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| 41 | + | WHEREAS, the State is experiencing a severe housing crisis; and WHEREAS, a 2019 study commissioned by the Department of Business, Economic Development, and Tourism found that the State will require an additional 50,156 homes by the year 2025; and WHEREAS, the Federal Home Loan Corporation, more commonly known as Freddie Mac, reported that the average thirty-year fixed residential mortgage interest rate rose from 3.11 percent in December 2021 to 6.42 percent in December 2022; and WHEREAS, this two hundred six percent increase in the average thirty-year fixed residential mortgage interest rate reflects the dramatically increasing monthly cost of owning a home in the State; and WHEREAS, zero percent interest home loans made to eligible homebuyers could help counteract these higher interest rates and lower the effective borrowing interest rate, allowing a buyer to obtain a portion of their home loan as interest free financing for the purchase of an affordable for-sale housing unit; now, therefore, BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2023, that the Hawaii Housing Finance and Development Corporation is urged to use Dwelling Unit Revolving Fund moneys to issue zero percent interest loans or grants to buyers with incomes above sixty and at or below one hundred forty percent of the median family income for the State; and BE IT FURTHER RESOLVED that moneys allocated for the zero percent interest loans are requested to prioritize projects utilizing the lowest average loan amount as a percentage of unit sale price; and BE IT FURTHER RESOLVED that moneys received upon repayment of the zero percent interest loans or grants are requested to be redeposited into the Dwelling Unit Revolving Fund for the issuance of new zero percent interest loans or grants to buyers with incomes above sixty and at or below one hundred forty percent of the median family income for the State; and BE IT FURTHER RESOLVED that a certified copy of this Resolution be transmitted to the Executive Director of the Hawaii Housing Finance and Development Corporation. OFFERED BY: _____________________________ Report Title: Hawaii Housing Finance and Development Corporation; Dwelling Unit Revolving Fund; Zero Interest Loans |
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