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HCR 88

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

HCR 88 asks HHFDC to form a task force to study a Kupuna HECM program (reverse mortgage for elders), modeled on HECM, and report findings before the 2026 Regular Session.

Referred to HSG, FIN, referral sheet 22
#equityconversionmortgageprogram #hhfdc #kupuna
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Bill Summary · HCR 88

Summary — HCR 88 (2025)

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

Purpose and intent

HCR 88 asks the Hawaii Housing Finance and Development Corporation (HHFDC) to form a task force to study whether a state equity conversion mortgage program (a reverse-mortgage–style program) for kupuna (older adult) homeowners is feasible. The resolution frames the program as a potential tool to help kupuna on fixed incomes tap home equity without selling or taking on traditional monthly-payment loans.

Key provisions

  • Requests the Chairperson of the HHFDC Board (or designee) to establish and chair a task force to study a “Kupuna Home Equity Conversion Mortgage Program.”
  • Directs the task force to examine, at minimum:
    • The Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program as a model;
    • Eligibility requirements and program parameters;
    • Strong consumer protections (to address known risks of reverse-mortgage products);
    • Processes for housing transitions once home equity is exhausted;
    • Limits on program costs and limits on the number of mortgages.
  • Membership (requested):
    1. HHFDC Board Chair (or designee) — chair of the task force
    2. Director of Commerce and Consumer Affairs (or designee)
    3. Director of Human Services (or designee)
    4. Executive Director of the Hawaii Public Housing Authority (or designee)
  • The HHFDC Chair may invite additional subject-matter experts or stakeholders.
  • The task force is requested to submit findings and recommendations, including proposed legislation if any, to the Legislature no later than 20 days before the Regular Session of 2026.
  • Certified copies of the resolution are to be transmitted to the listed state officials/agencies.

Who is affected

  • Primary focus: kupuna homeowners who may want to access home equity for income supplementation, medical bills, repairs, or accessibility modifications.
  • Agencies: HHFDC, Department of Commerce and Consumer Affairs, Department of Human Services, Hawaii Public Housing Authority.
  • Secondary stakeholders: lenders, consumer protection advocates, caregivers, housing counselors, and the housing market generally.

Procedural status & timeline

  • Introduced: Feb 26, 2025. Referred to Housing (HSG) and Finance (FIN) committees (referral sheet 22).
  • Adopted by both chambers (May 23–31, 2025); enrolled and transmitted to the Governor (June 2, 2025). Listed as signed by the Governor on June 20, 2025.
  • Deliverable deadline: task force report due 20 days prior to the 2026 Regular Session.

Notes on legal effect

HCR 88 is a concurrent resolution requesting that an executive/administrative action occur; it does not itself create a state program, appropriate funds, or impose binding requirements. Its outcome is an instructed study and recommendations that could lead to future legislation (for example, HB 1306 referenced in the resolution).

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

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