H.B. 1306 proposed the establishment of a state-specific Home Equity Conversion Mortgage (HECM) program in Hawaii to help older residents, known as kupuna, manage homeownership costs. Introduced by Iwamoto, the bill faced significant hurdles as it was referred to multiple committees, which stalled its progress in the limited legislative session. Ultimately, it did not meet important deadlines and is now effectively dead for the year, although it may be revisited next year with committee approval. Key features of the bill included age requirements, insurance authority, and assistance for homeowners in financial distress.
The H.B. 1306 bill aimed to create a state-managed HECM program in Hawaii for older citizens, but faced legislative delays and has been effectively shelved for the year.
Despite its potential benefits to help older Hawaiians with rising homeownership costs, the bill did not progress in the current legislative session due to committee referrals and missed deadlines.
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