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Committee advances down‑payment loan assistance bill after debate on duplication with state program
Summary
Bill 20, which proposes a city down‑payment loan assistance revolving fund for households at or below 120% AMI, was advanced for second reading and public hearing after committee discussion about overlaps with state programs and requests for further analysis.
The Honolulu Committee on Housing, Homelessness and Parks on Aug. 19 voted to report Bill 20 out for passage on second reading, schedule a public hearing and refer it to the Budget Committee for further consideration. The bill would add an article to Chapter 6 of the Revised Ordinances of Honolulu to establish a down‑payment loan assistance revolving fund for city residents who do not own real property and have incomes at or below 120 percent of area median income, as set by HUD. Why it matters: The proposal would create a locally controlled revolving fund to help qualifying prospective buyers with down payments, a barrier many speakers identified as limiting…
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