Abercrombie to sign bill for homebuyers program

HONOLULU (AP) - Hawaii Gov. Neil Abercrombie plans to sign a bill that broadens a homebuyers program throughout the state.

The governor's office said a ceremony would be held Friday for the bill updating the Hula Mae Single Family Mortgage Loan Program.

The new law adds features to the program, including down payment assistance. It also broadens the program to new potential homeowners.

The program has been administered by the Hawaii Housing Finance and Development Corp. since 1979. Since then, the program has issued bonds totaling $1.8 billion through June 2012 to give buyers mortgage loans below market interest rates.

Abercrombie is tying the bill signing to National Homeownership Month. He plans to declare observation of a similar month in Hawaii.

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