reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-37 Exemption from tax on income and obligations.

§201H-37 Exemption from tax on income and obligations.
Income earned and obligations issued by a nonprofit entity determined to constitute a "public housing agency" pursuant to section 3(b)(6) of the United States Housing Act of 1937, as amended, and which income and obligations are declared by the United States Department of Housing and Urban Development to be exempt from all taxation imposed by the United States pursuant to section 11(b) of the United States Housing Act of 1937, shall be exempt from all taxation now or hereafter imposed by the State. [L 2006, c 180, pt of §3; am L 2016, c 55, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-39 Starter homes; design standards; applicant eligibility; authority to incorporate starter homes into housing projects of the corporation.

§201H-39 Starter homes; design standards; applicant eligibility; authority to incorporate starter homes into housing projects of the corporation.
(a) The corporation shall adopt rules in accordance with chapter 91 to establish design and construction standards for starter homes configured to expand incrementally over time. For the purposes of this section, "starter home" means a dwelling unit that is designed to meet the basic living capacity requirements of homebuyers with families of limited size by eliminating unnecessary design and space amenities, but which nonetheless enables future expansion, modification, and improvement by the owner to accommodate increased occupancy over time as may be necessary. The rules shall include building, setback, minimum lot size, infrastructure, and architectural standards for the construction and development of starter homes.
(b) In addition to the requirements of subsection (a), the corporation shall adopt rules in accordance with chapter 91 to establish the basic requirements for families eligible to purchase starter homes under this section. The rules shall include guidelines and restrictions on occupancy standards initially permitted in a starter home, as well as the income ranges of families eligible to qualify for purchases under this section.
(c) The corporation may incorporate starter homes into any affordable housing project developed by the corporation under this chapter. The corporation shall determine on a project-by-project basis the number of starter home units to be included in each particular project.
(d) The corporation shall include in its annual report to the legislature a report on the number of starter homes constructed and developed by the corporation in accordance with the authorization provided in this section. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-40 Housing projects; construction and sponsorship.

§201H-40 Housing projects; construction and sponsorship.
(a) The corporation, on behalf of the State or with eligible developers and contractors, shall develop real property and construct dwelling units thereon; provided that not less than ten per cent of the total number of units in single-family projects consisting of fifty units or more sponsored by the corporation shall be first offered to owner-builders or to nonprofit organizations assisting owner-builders in the construction of units thereon. Qualifications for developers and contractors shall be provided by rules adopted by the corporation in accordance with chapter 91. Any person, if qualified, may act as both the developer and the contractor.
(b) In selecting the eligible developers or in contracting any services or materials for the purposes of this chapter, the corporation shall not be subject to the competitive bidding laws.
(c) If working in partnership with an eligible developer, the corporation shall have sole control of the partnership, shall keep all books of the partnership, and shall ascertain all costs of the partnership, including the cost of services performed by any other partners, and the corporation shall audit the same. The other partners shall perform services for the partnership under the direction of the corporation and shall be reimbursed for all costs relating to the project as certified by the corporation, including administrative and overhead costs. Additionally, the other partners, upon transfer of title by the corporation to the purchaser, shall be entitled to a guaranteed gross share if the actual cost of the project does not exceed the original project cost. The gross share shall not exceed fifteen per cent of the original project cost prorated to the dwelling units, less any amount subsidized by the State. Subsidies shall include unrecovered development and land costs and any other subsidized items as defined in rules adopted by the corporation pursuant to chapter 91. The percentage of the share shall be determined by the corporation by contract with the partners based upon the nature of the services rendered by them. For purposes of this subsection, "original project cost" means the original budget of a project as approved by the corporation without modification at a later date.
(d) The corporation may require that performance bonds be posted to the benefit of the State with surety satisfactory to the corporation guaranteeing performance by the other partners, or the State may act as a self-insurer requiring security, if any, from the other partners, as the corporation shall deem necessary. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-41 Independent development of projects.

§201H-41 Independent development of projects.
(a) In any county, the corporation may develop or may enter into agreements to develop housing projects with an eligible developer if in the corporation's reasonable judgment a project is primarily designed for lower income housing. The agreement may provide for the housing to be placed under the control of the corporation, or to be sold by the corporation, or to be sold to the corporation as soon as the units are completed and shall contain terms, conditions, and covenants as the corporation, by rules, deems appropriate. Every agreement shall provide for the developer to furnish a performance bond in favor of the corporation, assuring the timely and complete performance of the housing project. Sureties on the bond shall be satisfactory to the corporation.
(b) The plans and specifications for the housing project shall:
(1) Provide for economically integrated housing by stipulation and design;
(2) Provide for the sale of all dwelling units in fee simple or in leasehold either to the corporation or to the purchaser and in all cases subject to all of the provisions of sections 201H-47, 201H-49, and 201H-50 excepting units sold at market price; and
(3) Encompass the use of lands adequately suited to the size, design, and types of occupancies designated in subsection (a), properly located for occupancy by the group for which the project was primarily designed, properly districted for the use intended prior to the agreement, and appropriately zoned within an urban land use district or appropriate in its situation and surroundings for more intensive or denser zoning.
(c) The corporation may accept and approve housing projects independently initiated by private developers that fully comply with subsections (a) and (b). The corporation may review the plans, specifications, districting, and zoning of the project for the purpose of exempting the project from all statutes, ordinances, charter provisions, and rules of any government agency relating to zoning and construction standards for subdivisions, development, and improvement of land and the construction, improvement, and sale of dwelling units thereon; provided that the procedures in section 201H-38(a)(1), (2), and (3) have been satisfied. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-43 Interim financing of projects.

§201H-43 Interim financing of projects.
(a) The corporation may provide interim construction loans to eligible developers. In addition to the rate of interest charged on interim loans, the corporation may charge loan commitment fees to be determined by rules adopted by the corporation.
(b) The interim loans shall be secured by a duly recorded primary or secondary mortgage upon the fee simple or leasehold interest in the land upon which the dwelling units are constructed, or the corporation may require other security interests and instruments as it deems necessary to secure the indebtedness and such other conditions consistent with the production and marketing of dwelling units at the lowest possible prices. The corporation may also set the conditions of a loan in a building and loan agreement between the eligible developer and the corporation to secure the loan and the performance of the developer to complete the project. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-44 Commercial, industrial, and other uses.

§201H-44 Commercial, industrial, and other uses.
(a) In connection with the development of any dwelling units under this chapter, the corporation may also develop commercial, industrial, and other properties if it determines that the uses can be an integral part of the development or can help to enhance the lifestyles of residents of the development. The corporation may designate any portions of the development for commercial, industrial, or other use and shall have all the powers granted under this chapter with respect thereto, including the power to bypass statutes, ordinances, charter provisions, and rules of any government agency pursuant to section 201H-38. For this purpose, the corporation may use any of the funds authorized under this chapter.
(b) The corporation shall adopt rules that shall provide the manner in which the uses of properties shall be designated, and shall provide that any commercial, industrial, or other properties so developed shall be sold or leased at cost or at economic rents or sales prices. The net proceeds of all such sales or leases, less costs to the corporation, shall be deposited in the dwelling unit revolving fund.
The rules may also provide that during the first twenty years after its purchase, any commercial, industrial, or other property so developed and sold may be resold or assigned only to the corporation at the original purchase price plus the cost of any improvements made by the purchaser together with simple interest on all of the purchaser's equity in the property at the rate of seven per cent a year. [L 2006, c 180, pt of §3; am L 2016, c 131, §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-45 Sale; mortgage, agreement of sale, and other instruments.

§201H-45 Sale; mortgage, agreement of sale, and other instruments.
(a) The corporation shall sell completed dwelling units or dwelling units that are substantially completed and habitable, developed and constructed hereunder, to qualified residents in fee simple, or shall cause them to be leased or rented to qualified residents at a price or rental based on costs as determined by the corporation. The gross share to the other partners or contract payments and any amounts subsidized by the State, including but not limited to the land, need not be counted as cost so as to increase the price. These costs may be borne by the State, pursuant to rules adopted by the corporation subject to reimbursement upon sale as provided in section 201H-47.
(b) If a qualified purchaser is unable to obtain sufficient funds at reasonable rates from private lenders, the corporation, by way of mortgage, agreement of sale, or other instrument to secure the indebtedness, may loan to the purchaser up to one hundred per cent of the purchase price. The purchaser in that event shall execute with the corporation an agreement of sale, mortgage, or other instrument under the terms of which the unpaid principal and the interest thereon shall be paid in monthly installments over a period of not more than forty years.
(c) Every mortgage, agreement of sale, other instrument to secure the indebtedness, or instrument of indebtedness executed by the corporation may contain other provisions as are usually found in such instruments and shall provide that the purchaser may repay the whole or any part of the unpaid balance of the purchase price plus accrued interest at any time without prepayment penalty.
(d) If the purchaser defaults on the payment of any loan, the corporation shall take all necessary action to collect the delinquent principal and interest on the loan and may take all actions allowed to holders of obligations, including the power to repossess, lease, rent, repair, renovate, modernize, and sell the property foreclosed, subject to the restrictions described in this section.
(e) The mortgages, agreements of sale, and other instruments of indebtedness, at the direction of the corporation, may be assigned to and serviced by commercial banks and other lending institutions doing business in the State at a fee of not more than one-half of one per cent of the amount loaned to the purchaser.
(f) Subsections (a) to (e) need not apply to market-priced dwelling units in an economically integrated housing project, except as otherwise determined by the developer of the units; provided that preference shall be given to qualified residents in the initial sale of market-priced units. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-46 Co-mortgagor.

§201H-46 Co-mortgagor.
For purposes of qualifying for a mortgage loan to finance the purchase of a dwelling unit under this part, a qualified resident as defined in section 201H-32 may be assisted by a co-mortgagor who is a family member as defined by the corporation, and who may include extended or hanai family members, who may own other lands in fee simple or leasehold suitable for dwelling purposes, whose interest in the dwelling unit to be purchased is limited to no more than one per cent, and who certifies that the co-mortgagor does not intend to reside in the dwelling unit. The income and assets of the co-mortgagor shall not be counted in determining the eligibility of the qualified resident under this chapter. [L 2006, c 180, pt of §3; am L 2017, c 166, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-48 Exception of current owners in corporation projects.

§201H-48 Exception of current owners in corporation projects.
The corporation may allow a person who is a current owner of a dwelling unit in a multifamily housing project sponsored by the corporation to apply for the purchase of a larger dwelling unit in a project sponsored by the corporation if the applicant's current family size exceeds the permissible family size for the applicant's current dwelling unit, as determined by prevailing county building or housing codes. The applicant shall be required to sell the applicant's current dwelling unit back to the corporation. Notwithstanding any law to the contrary, any applicant, as it pertains to for-sale housing, shall be a "qualified resident" who:
(1) Is a citizen of the United States or a resident alien;
(2) Is at least eighteen years of age;
(3) Is domiciled in the State and shall physically reside in the dwelling unit purchased under this section;
(4) In the case of purchase of real property in fee simple or leasehold, has a gross income sufficient to qualify for the loan to finance the purchase; and
(5) Except for the applicant's current residence, meets the following qualifications:
(A) Is a person who either oneself or together with the person's spouse or a household member, does not own a majority interest in fee simple or leasehold lands suitable for dwelling purposes, or a majority interest in lands under any trust agreement or other fiduciary arrangement in which another person holds the legal title to the land; and
(B) Is a person whose spouse or a household member does not own a majority interest in fee simple or leasehold lands suitable for dwelling purposes, or a majority interest in lands under any trust agreement or other fiduciary arrangement in which another person holds the legal title to the land, except when husband and wife are living apart under a decree of separation from bed and board issued by the family court pursuant to section 580-71. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-52 Nonprofit organizations and government agencies.

§201H-52 Nonprofit organizations and government agencies.
(a) The corporation may retain dwelling units in a project to the extent it determines necessary and appropriate, for sale, lease, or rental to nonprofit organizations and government agencies. The dwelling units shall be used by the nonprofit organizations and government agencies to provide housing opportunities and related support services to special needs individuals or families. These purposes include but are not limited to the use of dwelling units for group homes and congregate living facilities and for government employees in special situations. The corporation, in consultation with other appropriate government agencies, shall adopt rules pursuant to chapter 91 necessary to implement this subsection, including but not limited to rules relating to the eligibility and qualifications of nonprofit organizations and government agencies; the eligibility and qualifications of clients of nonprofit organizations and government agencies to whom housing opportunities may be made available; and restrictions on the use, sale, or transfer of, and authorizing repurchase of, dwelling units sold, leased, or rented pursuant to this subsection.
The corporation, to the extent appropriate, shall have the same powers with respect to nonprofit organizations and government agencies purchasing, leasing, or renting dwelling units as the corporation has with respect to qualified residents purchasing, leasing, or renting dwelling units.
(b) In connection with the development of any residential units under this chapter, the corporation may provide for the development of appropriate community facilities. The corporation may:
(1) Sell, lease, or rent vacant land or land with site improvements to nonprofit organizations or government agencies to develop community facilities; or
(2) Develop, on behalf of the State or with an eligible developer, the community facilities and then sell, lease, rent, or otherwise transfer or make available these facilities to nonprofit organizations or government agencies.
The corporation shall adopt rules pursuant to chapter 91 necessary to implement this subsection. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-53 Rate of wages for laborers and mechanics.

§201H-53 Rate of wages for laborers and mechanics.
The corporation shall require an eligible bidder or eligible developer of a housing project developed under this part to comply with the requirements of section 104-2 for those laborers and mechanics hired to work on that housing project; provided that this section shall not apply to a housing project developed under this part if the entire cost of the project is less than $500,000 and the eligible bidder or eligible developer is a private nonprofit organization. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-57 Land leases to nonprofit organizations providing affordable housing.

§201H-57 Land leases to nonprofit organizations providing affordable housing.
(a) Notwithstanding any provision to the contrary, the [corporation], pursuant to section 201H-4(b), may lease land to any qualified nonprofit organization providing affordable housing, under the following terms and conditions:
(1) Leases shall be for ninety-nine years at $1 per year per parcel; and
(2) The instrument of lease shall include provisions, enforceable by the [corporation], that the land shall:
(A) Be used only for providing affordable housing through long-term, renewable, and transferable leases or other means that are in accordance with rules adopted by the [corporation] under chapter 91; and
(B) Revert back to the [corporation] if:
(i) The land is used for any purpose other than as provided under subparagraph (A); or
(ii) The qualified nonprofit organization ceases operations.
(b) For the purposes of this section:
"Affordable housing" means housing that is affordable to households with incomes at or below one hundred forty per cent of the median family income as determined by the United States Department of Housing and Urban Development.
"Qualified nonprofit organization" means any private entity that is organized and operated:
(1) In accordance with section 501(c)(3) of the Internal Revenue Code of 1986, as amended; and
(2) For the purpose of providing affordable housing through long-term, renewable, and transferable leases. [L 2006, c 101, §1]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-58 Leases; self-help housing.

§201H-58 Leases; self-help housing.
(a) The [corporation] may lease parcels that it deems suitable for affordable housing at $1 per year for up to fifty years to organizations or community trusts to develop the parcel with ownership units through self-help development.
(b) The [corporation] may extend or modify the fixed rental period of the lease or extend the term of the lease.
(c) Parcels leased under this section may be transferred or assigned by devise, bequest, or intestate succession, and may be sublet with the approval of the [corporation]. [L 2006, c 179, §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-59 Affordable rental housing development program.

§201H-59 Affordable rental housing development program.
(a) There is established the affordable rental housing development program under the Hawaii housing finance and development corporation.
(b) The purpose of this program shall be to preserve affordable rental housing units.
(c) For the purposes of this section, activities eligible for assistance from the affordable rental housing development program shall include rehabilitation, acquisition, or preservation of multifamily rental housing units for persons and families with incomes at or below eighty per cent of the median family income, as determined by the United States Department of Housing and Urban Development.
(d) The corporation shall identify properties whose contracts with either the United States Department of Housing and Urban Development or the United States Department of Agriculture are set to expire on or before January 1, 2012, and the corporation shall contact the project owners to initiate negotiations to renew or preserve the existing subsidy contracts; provided that:
(1) Nonprofit organizations shall be given priority to take over expiring subsidy contracts; and
(2) Nonprofit organizations shall be given priority over for-profit organizations, if federal government funds are needed for the acquisition or rehabilitation of a project. [L 2011, c 193, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-70 Additional powers.

§201H-70 Additional powers.
The powers conferred upon the corporation by this part shall be in addition and supplemental to the powers conferred by any other law, and nothing in this part shall be construed as limiting any powers, rights, privileges, or immunities so conferred. [L 2006, c 180, pt of §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-72 Issuance of bonds for the development of infrastructure.

§201H-72 Issuance of bonds for the development of infrastructure.
Without limiting section 201H-71, the corporation, pursuant to and in accordance with this subpart or section 46-80.1(a), is authorized to issue bonds for the purpose of financing the development of infrastructure for land owned by the corporation or for land owned by an eligible developer as defined in section 201H-32 whose housing project approval by a state or county agency requires the construction of affordable housing. [L 2006, c 180, pt of §4; am L 2014, c 194, §1; am L 2015, c 156, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-73 Issuance of bonds for the preservation of low-income housing projects.

§201H-73 Issuance of bonds for the preservation of low-income housing projects.
[(a)] The corporation, pursuant to and in accordance with this subpart, may issue bonds to purchase low-income housing projects financed by the United States Department of Housing and Urban Development to preserve these projects. Upon the payment of all interest and principal stemming from the issuance of these bonds, the corporation may transfer title to these projects to qualified nonprofit organizations. Nothing in this section shall be construed to:
(1) Prohibit qualified nonprofit or for-profit organizations from operating these projects on behalf of the corporation, or providing for the repair and maintenance of these projects, before the payment of all interest and principal stemming from the issuance of these bonds; or
(2) Prohibit the corporation from transferring title to these projects to qualified nonprofit or for-profit organizations if these bonds can be secured to the satisfaction of the bondholders.
[(b)] As used in this section, "qualified nonprofit organization" includes community-based nonprofit organizations and resident councils. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-74 Bonds; interest rate, price, and sale.

§201H-74 Bonds; interest rate, price, and sale.
(a) The bonds shall bear interest at rates payable at times that the corporation, with the approval of the governor, may determine except for deeply discounted bonds that are subject to redemption or retirement at their accreted value; provided that the discounted value of the bonds shall not exceed ten per cent of any issue; and provided further that no bonds may be issued without the approval of the director of finance and the governor. Notwithstanding any other law to the contrary, the corporation, subject to the approval of the director of finance and the governor, may issue bonds pursuant to section 201H-72, in which the discounted value of the bonds exceeds ten per cent of the issue.
(b) The corporation may include the costs of undertaking and maintaining any housing project or projects or loan program for which the bonds are issued in determining the principal amount of bonds to be issued. In determining the costs of undertaking and maintaining the housing projects, the corporation may include the cost of studies and surveys; insurance premiums; underwriting fees; financial consultant, legal, accounting, and other services incurred; reserve account, trustee, custodian, and rating agency fees; and interest on the bonds for a period determined by the corporation, or the estimated expenditure of borrowed funds for any loan program for which the bonds are issued. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-75 Trustee; designation, duties.

§201H-75 Trustee; designation, duties.
(a) The corporation may designate a trustee for each issue of bonds secured under the same trust indenture; provided that the trustee shall be approved by the director of finance.
(b) The trustee shall be authorized by the corporation to receive and receipt for, hold, and administer the proceeds of the bonds, and to apply the proceeds to the purposes for which the bonds are issued.
(c) The trustee shall also be authorized by the corporation to hold and administer any housing project bond revolving funds and housing loan program revenue bond revolving funds established pursuant to section 201H-80. The trustee may receive and receipt for, hold, and administer the revenues derived by the corporation from any housing project or projects or loan program for which the bonds are issued or the projects or loan programs pledged to the payment of the bonds. The trustee shall apply the revenues to the payment of the cost of administering, operating, and maintaining the housing project or projects or loan program; to pay the principal of and the interest on the bonds; to the establishment of reserves; and to other purposes as may be authorized in the proceedings providing for the issuance of the bonds.
(d) Notwithstanding section 39-68, the director of finance may appoint the trustee to serve as fiscal agent for:
(1) The payment of the principal of and interest on the bonds; and
(2) The purchase, registration, transfer, exchange, and redemption of the bonds.
(e) The trustee shall perform additional functions with respect to the payment, purchase, registration, transfer, exchange, and redemption, as the director of finance may deem necessary, advisable, or expeditious, including the holding of the bonds and coupons, if any, that have been paid and the supervision of their destruction in accordance with law.
(f) Nothing in this part shall limit or be construed to limit the powers granted to the director of finance in sections 36-3, 39-13, and 39-68(a), to appoint the trustee or others as fiscal agents, paying agents, and registrars for the bonds or to authorize and empower those fiscal agents, paying agents, and registrars to perform the functions referred to in those sections. [L 2006, c 180, pt of §4; am L 2015, c 237, §15]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-76 Trust indenture.

§201H-76 Trust indenture.
(a) A trust indenture may contain covenants and provisions authorized by part III of chapter 39, and as deemed necessary or convenient by the corporation for the purposes of this part.
(b) A trust indenture may allow the corporation to pledge and assign to the trustee agreements related to the housing project or projects or loan program and the rights of the corporation thereunder, including the right to receive revenues thereunder and to enforce the provision thereof.
(c) Where a trust indenture provides that any bond issued under that trust indenture is not valid or obligatory for any purpose unless certified or authenticated by the trustee, all signatures of the officers of the State upon the bonds required by section 39-56 may be facsimiles of their signatures.
(d) A trust indenture shall also contain provisions as to:
(1) The investment of the proceeds of the bonds, the investment of any reserve for the bonds, the investment of the revenues of the housing project or system of housing projects or the loan program, and the use and application of the earnings from investments; and
(2) The terms and conditions upon which the holders of the bonds or any portion of them or any trustee thereof may institute proceedings for the enforcement of any agreement or any note or other undertaking, obligation, or property securing the payment of the bonds and the use and application of the moneys derived therefrom.
(e) A trust indenture may also contain provisions deemed necessary or desirable by the corporation to obtain or permit, by grant, interest subsidy, or otherwise, the participation of the federal government in the housing projects or loan programs or in the financing of the costs of administering, operating, or maintaining the housing projects or loan programs. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-77 Investment of reserves, etc.

§201H-77 Investment of reserves, etc.
The corporation may invest any funds held in reserves or sinking funds or any funds not required for immediate disbursement, including the proceeds of bonds, in property or securities in which the director of finance may legally invest, as provided in section 36-21, except that funds held outside the state treasury may be invested for terms not to exceed thirty-five years. No provisions with respect to the acquisition, operation, or disposition of property by other government agencies shall be applicable to the corporation unless the legislature shall specifically so state. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-78 Security for funds deposited by the corporation.

§201H-78 Security for funds deposited by the corporation.
The corporation may by resolution provide that all moneys deposited by it shall be secured by:
(1) Any securities by which funds deposited by the director of finance may be legally secured as provided in section 38-3; or
(2) An undertaking with sureties as are approved by the corporation faithfully to keep and pay over upon the order of the corporation any deposits and agreed interest thereon, and all banks and trust companies are authorized to give any such security for those deposits. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-79 Arbitrage provisions, interest rate.

§201H-79 Arbitrage provisions, interest rate.
(a) Any other provision of law to the contrary notwithstanding, neither the corporation nor the director of finance shall make loans or purchase mortgages with the proceeds of general obligation bonds of the State or from a revolving fund established or maintained from the proceeds of bonds, at a rate of interest or upon terms and conditions that would cause any general obligation bond of the State or any bond to be an "arbitrage bond" within the meaning of that term as defined in the Internal Revenue Code of 1986, as amended, and the regulations of the Internal Revenue Service promulgated pursuant thereto.
(b) The rate of interest on loans made under this chapter from the proceeds of general obligation bonds of the State shall be established by the corporation, with the approval of the director of finance, after each sale of general obligation bonds of the State, the proceeds of which are to be used for the purposes of making loans or purchasing mortgages under this chapter. If no sale of general obligation bonds of the State intervenes in a twelve-month period after the last rate fixing, the corporation may review the then existing rates on loans or mortgages made under this chapter from the proceeds of general obligation bonds of the State and retain the existing rate or, with the approval of the director of finance, establish different rates.
(c) The director of finance shall approve those rates so as to produce up to, but not in excess of, the maximum yield to the State or the corporation permitted under the Internal Revenue Code of 1986, as amended, and the regulations of the Internal Revenue Service promulgated pursuant thereto, on the assumption that the general obligation bonds of the State, the proceeds of which have been or are to be used for the purposes of making loans or purchasing mortgages under this chapter, would otherwise be "arbitrage bonds" under the Internal Revenue Code of 1986, as amended, and the regulations of the Internal Revenue Service promulgated pursuant thereto, were the maximum yield to be exceeded. The establishment of the rates of interest shall be exempt from chapter 91. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-80 Housing finance revolving fund; bond revolving funds.

§201H-80 Housing finance revolving fund; bond revolving funds.
(a) There is created a housing finance revolving fund to be administered by the corporation. Notwithstanding sections 36-21 and 201H-191, the proceeds in the fund shall be used for long-term and other special financings of the corporation and for the necessary expenses in administering this part.
(b) All moneys received and collected by the corporation, not otherwise pledged or obligated nor required by law to be placed in any other special or revolving fund, shall be deposited in the housing finance revolving fund.
(c) A separate revolving fund shall be established for each housing project or system of housing projects or loan program financed from the proceeds of bonds secured under the same trust indenture. Each fund shall be designated "housing project bond revolving fund" or "housing loan program revenue bond revolving fund", as appropriate, and shall bear any additional designation as the corporation deems appropriate to properly identify the fund.
(d) Notwithstanding any other law to the contrary, all revenues, income, and receipts derived from a housing project or system of projects or loan program financed from the proceeds of bonds or pledged to the payment of the principal of and interest and premium on bonds, shall be paid into the housing project bond revolving fund or housing loan program revenue bond revolving fund established for the housing project or system of projects or loan program and applied as provided in the proceedings authorizing the issuance of the bonds. [L 2006, c 180, pt of §4; am L 2015, c 237, §16]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-82 Rate of wages for laborers and mechanics.

§201H-82 Rate of wages for laborers and mechanics.
The corporation shall require an eligible bidder or eligible developer of a housing project developed under this subpart to comply with the requirements of section 104-2 for those laborers and mechanics hired to work on that housing project; provided that this section shall not apply to a housing project developed under this chapter if the entire cost of the project is less than $500,000 and the eligible bidder or eligible developer is a private nonprofit organization. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-87 Applications for financing; application periods.

§201H-87 Applications for financing; application periods.
If sufficient funding is available, the corporation shall open at minimum two application periods each year for the receipt of applications for financing from parties interested in applying for financing for the development of affordable housing in the State from the low-income housing tax credit program, Hula Mae multi-family program, rental housing revolving fund program, and dwelling unit revolving fund program. Applications for the four programs may be consolidated for administrative efficiency. [L 2023, c 91, §1]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-90 Additional powers.

§201H-90 Additional powers.
The powers conferred upon the corporation by this subpart shall be in addition and supplemental to the powers conferred by any other law, and nothing in this subpart shall be construed as limiting any powers, rights, privileges, or immunities so conferred. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-92 Owner-occupancy requirement.

§201H-92 Owner-occupancy requirement.
(a) An eligible borrower shall use the dwelling unit purchased under this subpart as the eligible borrower's permanent and primary residence.
(b) From time to time, the corporation may submit a verification of owner-occupancy form to the eligible borrower. Failure to respond to this verification in a timely manner may result in an immediate escalation of the interest rate or acceleration of the eligible loan.
(c) For eligible borrowers in the process of selling or transferring title to their property, the corporation may grant a waiver of subsection (a) for a period not to exceed three years and for reasons set forth in section 201H-49 on a case-by-case basis. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-93 Eligible borrowers.

§201H-93 Eligible borrowers.
(a) The corporation shall establish the qualifications of the eligible borrower, and may consider the following:
(1) The proportion of income spent for shelter;
(2) Size of the family;
(3) Cost and condition of housing available to the total housing market; and
(4) Ability of the person to compete successfully in the normal housing market and to pay the amounts on which private enterprise is providing loans for safe, decent, and sanitary housing in the State.
(b) The family income of an eligible borrower shall not exceed the income requirements of section 143(f) of the Internal Revenue Code of 1986, as amended.
(c) For the purpose of determining the qualification of an eligible borrower for an eligible improvement loan:
(1) The dwelling unit for which the eligible improvement loan is to be made and the property on which the dwelling unit is situated shall not be included in the calculation of the eligible borrower's assets; and
(2) The mortgage secured by the dwelling unit and property shall not be included in the calculation of the eligible borrower's liabilities.
(d) For the purpose of determining the qualification of an eligible borrower for an eligible loan for a targeted area residence:
(1) The dwelling unit being replaced and the property on which the dwelling unit is situated shall not be included in the calculation of the eligible borrower's assets; and
(2) The mortgage secured by the dwelling unit and the property shall not be included in the calculation of the eligible borrower's liabilities. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-94 Eligible loans.

§201H-94 Eligible loans.
(a) The corporation shall establish requirements for property financed by an eligible loan, and may consider the location, age, condition, and other characteristics of the property.
(b) The corporation shall establish restrictions on the terms, maturities, interest rates, collateral, and other requirements for eligible loans.
(c) All eligible loans made shall comply with applicable state and federal laws.
(d) Notwithstanding any other provision of law, the corporation may provide homebuyer assistance in conjunction with eligible loans through loans or other means; provided that the homebuyer assistance:
(1) Is repaid through consideration to the corporation, including borrower repayments; and
(2) Meets restrictions and requirements as established in rules adopted by the corporation. [L 2006, c 180, pt of §4; am L 2013, c 135, §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-95 Eligible project loans.

§201H-95 Eligible project loans.
(a) The corporation shall establish requirements for rental housing projects to be financed by an eligible project loan, and may consider the location, age, condition, and other characteristics of the project.
(b) The corporation shall establish restrictions on the terms, maturities, interest rates, and other requirements for eligible project loans.
(c) The corporation shall establish restrictions on the prepayment of eligible project loans and on the transfer of ownership of the projects securing eligible project loans.
(d) The corporation shall require that any sums deferred on land leased at nominal rates by the corporation to the owner of a rental housing project shall be recovered by the corporation at the time an eligible project loan is prepaid, whether as a result of refinancing of the eligible project loan or otherwise, to the extent that funds are available from the refinancing or other method by which the eligible project loan is paid in full prior to its due date.
(e) The corporation shall enter into an agreement with the owner of a rental housing project to be financed with an eligible project loan which shall provide that in the event that the eligible project loan is at any time prepaid for the purpose of converting the rental units of such project to ownership units, all tenants at the time of the proposed conversion shall have the first option to purchase their units.
(f) All eligible project loans shall comply with applicable state and federal laws.
(g) The corporation shall submit an annual report to the legislature no later than twenty days prior to the convening of each regular session describing the multifamily revenue bond activity under this section. The following information shall be reported:
(1) The amount of multifamily revenue bond authority utilized and remaining balance;
(2) A description of multifamily project activity including dates, project names and descriptions, and bond amounts for the following activities:
(A) Application;
(B) Approval of inducement resolution;
(C) Approval to issue bonds; and
(D) Issuance of bonds; and
(3) A summary of the activity of the fund by quarter. [L 2006, c 180, pt of §4; am L 2017, c 175, §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-96 Eligible improvement loans.

§201H-96 Eligible improvement loans.
(a) The corporation shall establish requirements for property financed by an eligible improvement loan, and may consider the location, age, condition, value, and other characteristics of the property.
(b) The corporation shall establish restrictions on the terms, maturities, interest rates, collateral, and other requirements for eligible improvement loans.
(c) All eligible improvement loans made shall comply with applicable state and federal laws. [L 2006, c 180, pt of §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-97 Housing loan programs; procedures and requirements.

§201H-97 Housing loan programs; procedures and requirements.
(a) The corporation shall establish procedures for:
(1) The making of advance commitments to purchase and the purchasing of eligible loans, eligible improvement loans, or eligible project loans to be made by mortgage lenders by auction, invitation of lenders, or negotiation; and
(2) Loan applications made through mortgage lenders to eligible borrowers or qualified sponsors.
(b) The corporation shall establish standards and requirements for:
(1) The allocation of loans to mortgage lenders;
(2) The allocation of funds to purchase existing loans from mortgage lenders;
(3) The making of advance commitments and allocation of funds to purchase eligible loans, eligible improvement loans, or eligible project loans from mortgage lenders; and
(4) The participation by mortgage lenders as originators and processors of eligible loans, eligible improvement loans, or eligible project loans on behalf of the corporation.
(c) The standards and requirements for the allocation of funds to mortgage lenders shall be adopted by the corporation and shall be designed to include the maximum number of qualified mortgage lenders as participants in the housing loan programs. [L 2006, c 180, pt of §4; am L 2013, c 135, §4]