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HR 82

REQUESTING THE CHAIRPERSON OF THE BOARD OF DIRECTORS OF THE HAWAII HOUSING FINANCE AND DEVELOPMENT CORPORATION TO ESTABLISH A TASK FORCE TO STUDY THE FEASIBILITY OF AN EQUITY CONVERSION MORTGAGE PROGRAM FOR KUPUNA HOMEOWNERS.

2025 Regular Session Introduced by Terez Amato and 2 co-sponsors

HR 82 establishes a task force to study an Equity Conversion Mortgage program for Hawaii's elderly homeowners, helping them access home equity for living and healthcare expenses.

Referred to HSG, FIN, referral sheet 22
#equityconversionmortgageprogram #hhfdc #kupuna
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Bill Summary · HR 82

Summary of HR 82: Requesting a Task Force for Equity Conversion Mortgage Program

Bill Overview

Bill Number: HR 82
Title: Requesting the Chairperson of the Board of Directors of the Hawaii Housing Finance and Development Corporation to Establish a Task Force to Study the Feasibility of an Equity Conversion Mortgage Program for Kupuna Homeowners
Status: Referred to HSG, FIN, referral sheet 22
Introduced: January 03, 2025
Classification: Resolution
Subject: Equity Conversion Mortgage Program, HHFDC, Kupuna

Purpose and Intent

The primary intent of HR 82 is to establish a task force that will explore the feasibility of implementing an Equity Conversion Mortgage (ECM) program specifically designed for kupuna (elderly) homeowners in Hawaii. This initiative aims to address the financial needs of older homeowners, potentially allowing them to access the equity in their homes to support their living expenses and healthcare needs.

Key Provisions

  • Task Force Establishment: The resolution calls for the formation of a task force under the Hawaii Housing Finance and Development Corporation (HHFDC).
  • Feasibility Study: The task force will conduct a comprehensive study to evaluate the viability of an Equity Conversion Mortgage program tailored for kupuna homeowners.
  • Stakeholder Engagement: The task force is expected to engage with various stakeholders, including financial institutions, housing advocates, and representatives from the kupuna community, to gather insights and recommendations.

Impact

  • Kupuna Homeowners: The primary beneficiaries of this proposed program would be elderly homeowners in Hawaii, who may face financial challenges and wish to utilize their home equity without the burden of monthly mortgage payments.
  • Housing Market: The implementation of an ECM program could influence the housing market by providing additional financial options for older homeowners, potentially leading to increased housing stability for this demographic.

Legislative Timeline

  • January 03, 2025: HR 82 was introduced in the House and referred to the House Committee on Education and Workforce.
  • March 07, 2025: The bill was offered for consideration.
  • March 14, 2025: The bill was referred to the House Committees on Housing (HSG) and Finance (FIN).

Related Legislation

  • HCR 88: This bill serves as a companion resolution, likely addressing similar themes or objectives related to the equity conversion mortgage program for kupuna homeowners.

This resolution represents a proactive step towards addressing the financial needs of Hawaii's elderly population, ensuring that they have access to resources that can enhance their quality of life while maintaining their homeownership status.

Compiled from official sources — confirm details with the bill’s official record.

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