reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-98 Housing loan programs; general powers.

§201H-98 Housing loan programs; general powers.
(a) The corporation may make, enter into, and enforce all contracts or agreements that are necessary, convenient, or desirable in the performance of its duties in executing the housing loan programs.
(b) The corporation may require representations and warranties as it determines necessary to secure its loans. [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-99 Housing loan programs; self-supporting.

§201H-99 Housing loan programs; self-supporting.
The interest rate, fees, charges, premiums, and other terms of the loans made under the housing loan programs shall be at least sufficient to pay the cost of administering and maintaining the portion of the specific housing loan programs for which the bonds have been issued, and to assure payment of the principal of and interest on the bonds as they become due. [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-100 Housing loan programs; fees.

§201H-100 Housing loan programs; fees.
The corporation may establish, revise, charge, and collect fees, premiums, and charges as necessary, reasonable, or convenient, for its housing loan programs. The fees, premiums, and charges shall be deposited into the housing loan program revenue bond revolving fund established for the particular housing loan program or part thereof from which the fees, premiums, and charges are derived as determined by the corporation. [L 2006, c 180, pt of §4; am L 2015, c 237, §17]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-101 Housing loan programs; evidence of eligible loan, eligible improvement loan, or eligible project loan.

§201H-101 Housing loan programs; evidence of eligible loan, eligible improvement loan, or eligible project loan.
(a) Each mortgage lender who participates in any housing loan program shall submit evidence, as deemed satisfactory by the corporation, that eligible loans, eligible improvement loans, or eligible project loans have been made from the proceeds of the bonds.
(b) The corporation may inspect the books and records of the mortgage lenders as may be necessary for the purposes of this section. [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-105 Advance commitments program.

§201H-105 Advance commitments program.
(a) The corporation may contract with a mortgage lender for the advance commitment to purchase eligible loans, eligible improvement loans, or eligible project loans.
(b) The contract may contain provisions as determined by the corporation to be necessary or appropriate to provide security for its bonds. Notwithstanding any other law to the contrary, project loans may be made available for housing projects on Hawaiian home lands pursuant to the Hawaiian Homes Commission Act, 1920, as amended. [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-106 Loan funding programs.

§201H-106 Loan funding programs.
(a) The corporation may contract with mortgage lenders to fund eligible loans and eligible improvement loans and may directly make or contract with mortgage lenders to fund eligible project loans.
(b) Any contract in subsection (a) with a mortgage lender may contain provisions as determined by the corporation to be necessary or appropriate to provide security for its revenue bonds. [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-107 Loans; service and custody.

§201H-107 Loans; service and custody.
The corporation may contract for the service and custody of its loans. The contract may provide for the payment of fees or charges for the services rendered; provided that the fees or charges shall not exceed the usual, customary, and reasonable charges for the services rendered. [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-108 Loans; sale, pledge, or assignment.

§201H-108 Loans; sale, pledge, or assignment.
(a) Subject to any agreements with the holders of its revenue bonds, the corporation may sell its loans at public or private sale at a price and upon terms and conditions as it determines.
(b) Subject to any agreements with [the] holders of its revenue bonds, the corporation may pledge or assign its loans, other agreements, notes, or property to secure the loans or agreements. [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-109 Loans; insurance and guarantees.

§201H-109 Loans; insurance and guarantees.
The corporation may procure insurance or guarantees against any default of its loans, in amounts and from insurers or guarantors, as it deems necessary or desirable. [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-110 Loans; default.

§201H-110 Loans; default.
The corporation may:
(1) Renegotiate, refinance, or foreclose any loan in default;
(2) Waive any default or consent to the modification of the terms of any loan or security agreement;
(3) Commence any action to protect or enforce any right conferred upon it by any law, mortgage, insurance policy, contract, or other agreement;
(4) Bid for and purchase the property secured by the loan at any foreclosure or other sale, or acquire or take possession of the property secured by the loan; and
(5) Operate, manage, lease, dispose of, or otherwise deal with the property secured by the loan. [L 2006, c 180, pt of §4; am L 2017, c 12, §11]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-120 Additional powers.

§201H-120 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-121 Purpose; findings and determinations.

§201H-121 Purpose; findings and determinations.
The legislature finds and declares that the health and general welfare of the people of this State require that the people of this State have safe and sanitary rental housing accommodations available at affordable rents; that a grave shortage in the number of such accommodations affordable by families and individuals of low- and moderate-income in the State exists; and that it is essential that owners of rental housing accommodations be provided with appropriate additional means to assist in reducing the cost of rental housing accommodations to the people of this State.
The legislature further finds that the high cost of infrastructure development and the obtaining of interim construction financing are two of the greatest impediments to the production of affordable rental housing in this State. It is especially difficult for private nonprofit and for-profit entities to participate in the development of affordable housing due to the difficulty in amassing the capital necessary to plan and carry out a project to completion.
It is the purpose of this subpart to:
(1) Assist owners in maintaining rentals at levels affordable to low- and moderate-income families and individuals by providing owners with rental assistance payments which, together with rental payments received from low- and moderate-income tenants, will provide owners with limited but acceptable rates of return on their investments in rental housing accommodations. Assisting owners by entering into contracts with them to provide for rental assistance payments is a valid public purpose and in the public interest; and
(2) Provide a funding source for interim construction financing for the development of affordable rental housing by private nonprofit and for-profit entities, as well as the corporation; provided that in allotting this financing, the corporation shall give preference to qualified sponsors who are private nonprofit and for-profit entities. [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-122 Definitions.

§201H-122 Definitions.
The following terms as used in this subpart shall have the following meanings unless a different meaning clearly appears from the context:
"Eligible project" means a rental housing project that:
(1) Is financed by the corporation pursuant to subpart B or D, or that the corporation determines will require rental assistance to make it financially feasible;
(2) Is subject to a regulatory agreement with the corporation;
(3) Maintains at least twenty per cent of its units for eligible tenants; and
(4) Meets other qualifications as established by rules adopted by the corporation.
Notwithstanding any provision to the contrary, "eligible project" may also include a rental housing project that is financed by the corporation pursuant to subpart A.
"Eligible tenant" means a family or an individual whose income does not exceed eighty per cent of the area median income as determined by the United States Department of Housing and Urban Development.
"Owner" means the owner of an eligible project.
"Regulatory agreement" means an agreement between the corporation and the owner relating to an eligible project that includes provisions relating to rents, charges, profits, return on owner's equity, development costs, and methods of operation.
"Rental assistance contract" means an agreement between an owner and the corporation providing for periodic rental assistance payment for units in an eligible project. [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-123 Rental assistance revolving fund.

§201H-123 Rental assistance revolving fund.
(a) There is created a rental assistance revolving fund to be administered by the corporation.
(b) The rental assistance revolving fund may include sums made available from any government program or grant, from private grants or contributions, from the proceeds of any bond issue, or from appropriations to the fund. The aggregate principal in the fund shall be invested by the corporation in a manner that will maximize the rate of return on investment of the fund; provided that any investment made shall be consistent with section 201H-77 but need not comply with section 36-21.
(c) The corporation may use, as needed, the aggregate principal sum and the accumulated earnings in the rental assistance revolving fund to make payments under rental assistance contracts or to subsidize tenants' rents in eligible projects developed under this part; provided that the corporation shall use up to $25,000,000 plus any bond proceeds to provide interim construction financing to:
(1) Qualified sponsors who are private nonprofit or for-profit entities; or
(2) The corporation, for the development of affordable rental housing;
provided further that the corporation, in allotting interim construction financing moneys pursuant to this subpart, shall give preference to rental housing projects developed by qualified sponsors who are private nonprofit or for-profit entities. [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-124 Rental assistance contracts.

§201H-124 Rental assistance contracts.
(a) The corporation may enter into a rental assistance contract and a regulatory agreement with the owner of an eligible project, when the owner of an eligible project is other than the corporation.
(b) Prior to the execution of a rental assistance contract, the corporation may execute an agreement to enter into a rental assistance contract with an owner. The agreement shall provide for the execution of a rental assistance contract upon satisfaction of the terms set forth in the agreement and otherwise established by the corporation. Each rental assistance contract heretofore entered into by the corporation that provided that rental assistance payments shall be made solely from the earnings on the investment of the rental assistance revolving fund shall hereafter, without modification of the contracts, be payable from the aggregate principal sum and the accumulated earnings in the rental assistance revolving fund.
(c) A rental assistance contract and any subsidy of tenants' rents in projects developed under this subpart shall be for a term not in excess of thirty-five years and shall be approved by the board of directors of the corporation. Upon that approval by the corporation, the director of finance shall be authorized to guarantee the obligation of the corporation for the term of the rental assistance contract or the subsidy of tenants' rents in an amount equal to the aggregate obligation of the corporation to make assistance payments; provided that the aggregate of all of the outstanding guarantees shall not exceed $100,000,000. Pursuant to that guarantee, the corporation shall make annual rental payments to the owner in accordance with the approved rental assistance contract or to the tenants in accordance with the approved subsidy.
(d) Each rental assistance contract shall set forth a maximum annual rental assistance payment amount. The corporation shall establish procedures for determining the maximum annual rental assistance payment amount and may consider the following:
(1) The cost of constructing the eligible project;
(2) The estimated annual operating cost of the eligible project;
(3) The estimated maximum rentals that may be charged for dwelling units in the eligible project;
(4) The amount of funds available for the funding of rental assistance contracts;
(5) The number of eligible projects requiring assistance under this subpart; and
(6) A restricted rate of return on equity to the owner, which rate shall be established by the corporation by rule. [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-126 Benefits of program not exclusive.

§201H-126 Benefits of program not exclusive.
Nothing in this subpart shall be construed to prohibit, with respect to an eligible project, the operation of the rental assistance program in conjunction with other state or federal programs including the state rent supplements provided for in part VIII of chapter 356D. [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-140 Additional powers.

§201H-140 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-141 Definitions.

§201H-141 Definitions.
Whenever used in this subpart, unless the context otherwise requires:
"Eligible borrower" means:
(1) Any person or family, without regard to race, creed, national origin, or sex, who:
(A) Is a citizen of the United States or a resident alien;
(B) Is a bona fide resident of the State;
(C) Is at least eighteen years of age;
(D) Does not personally, or whose spouse does not if the person is married, own a majority interest in any residential property in the State; and
(E) Meets other qualifications as established by rules adopted by the corporation; or
(2) A qualified sponsor of an affordable housing project who meets the qualification requirements as established by rules adopted by the corporation.
"Eligible loan" or "loan" means:
(1) A loan to an eligible borrower for the purchase of a dwelling unit, including a condominium unit; provided that the property financed is located in the State, will be occupied as the principal place of residence by the eligible borrower, and meets other requirements as established by rules adopted by the corporation; or
(2) An interim or permanent loan, which may be federally insured or guaranteed, made to a qualified sponsor for the financing of an affordable housing project, and which meets other requirements as established by rules adopted by the corporation.
"Housing loan programs" include all or any part of the loan programs authorized in section 201H-142. [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-142 Housing loan programs; authorization.

§201H-142 Housing loan programs; authorization.
(a) The corporation may establish under this subpart one or more eligible loan programs.
(b) The corporation may invest in, make, purchase, take assignments of, or otherwise acquire or make commitments to invest in, make, purchase, take assignments of, or otherwise acquire any eligible loans or any partial interest or participation therein held by or on behalf of the corporation.
(c) The corporation may sell, assign, or otherwise dispose of or enter into commitments to sell, assign, or otherwise dispose of any eligible loans or any partial interest or participation therein held by or on behalf of the corporation.
(d) The corporation may acquire any obligation under conditions which require the seller of the obligation to use the proceeds of the sale for the purpose of financing eligible loans. [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-143 Housing loan programs; procedures and requirements.

§201H-143 Housing loan programs; procedures and requirements.
(a) The corporation may establish procedures and requirements for:
(1) The purchase of loans from mortgage lenders by auction, invitation of tender, advance commitment, or other negotiation;
(2) The making of loans through mortgage lenders to eligible borrowers or qualified sponsors;
(3) The allocation to mortgage lenders of money made available under this subpart; and
(4) The participation by mortgage lenders as originators and processors of loans on behalf of the corporation under this subpart.
(b) The corporation may adopt rules under chapter 91 necessary or convenient for the operation of the housing loan programs established under this subpart. [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-144 Housing loan programs; general powers.

§201H-144 Housing loan programs; general powers.
(a) The corporation may make, enter into, and enforce all contracts or agreements which are necessary, convenient, or desirable for the purpose of the performance of its powers under this subpart.
(b) The corporation may establish, revise, charge, and collect fees, premiums, and charges as necessary, reasonable, or convenient in connection with its housing loan programs established under this subpart. The fees, premiums, and charges shall be deposited into funds as determined by the corporation.
(c) The corporation may contract for the servicing and custody of any loans or other obligations acquired under this subpart.
(d) The corporation may procure insurance against any default of its loans from insurers in amounts deemed necessary or desirable.
(e) Subject to any agreements with the holders of its bonds, the corporation may:
(1) Renegotiate, refinance, or foreclose any loan in default;
(2) Commence any action to protect or enforce any right conferred upon it by any law, or as provided in any mortgage, insurance policy, contract, or other agreement; and
(3) Bid for and purchase the property secured by the loan at any foreclosure or other sale; or acquire, or take possession of the property secured by the loan and may operate, manage, lease, dispose of, or otherwise deal with the property securing the loan. [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-150 Additional powers.

§201H-150 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-152 Mortgage guarantee agreements.

§201H-152 Mortgage guarantee agreements.
(a) To induce appropriate officials of any agency or instrumentality of the United States to commit to insure and to insure mortgages under the provisions of the United States Housing Act of 1937, as amended, the corporation may enter into guarantee agreements with those officials whenever:
(1) The purchaser-mortgagor in question is ineligible for mortgage insurance purposes under the United States Housing Act of 1937, as amended, because of credit standing, debt obligation, or income characteristics;
(2) The purchaser-mortgagor in question is a "displaced person" as defined in chapter 111 and the guarantee agreement will enable the purchaser-mortgagor to obtain suitable replacement housing in accordance with chapter 111; or
(3) The corporation finds that the purchaser-mortgagor would be a satisfactory credit risk with ability to repay the mortgage loan if the purchaser-mortgagor were to receive budget, debt management, and related counseling.
(b) Guarantee agreements under subsection (a) may obligate the corporation to:
(1) Provide or cause to be provided counseling under subsection (a)(3); and
(2) Indemnify an agency or instrumentality of the United States for a period not to exceed five years for any loss sustained by the agency or instrumentality by reason of insurance of a mortgage.
(c) The total of guarantees made pursuant to this section and guarantees made pursuant to section 201H-151 shall not exceed $10,000,000. [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-160 Additional powers.

§201H-160 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-161 Downpayment loans.

Note
Subpart heading amended by L 2017, c 123, §3.
§201H-161 Downpayment loans.
(a) The corporation may make downpayment loans, either directly or through a nonprofit organization as defined in section 454F-1, to eligible borrowers who qualify for loans under section 201H-162. The downpayment loan to any one borrower shall not exceed fifteen per cent of the purchase price or appraised value of the residential property or $60,000, whichever is less. In no event shall the loan amount and purchase money mortgage amount exceed one hundred per cent of combined loan-to-value. The interest rate on the loans may range from one per cent to eight per cent, depending on the buyer's income.
(b) The repayment of every downpayment loan shall be secured by a duly recorded second mortgage executed by the borrower to the State on the residential property purchased with the downpayment loan.
(c) The principal of the downpayment loan, together with accrued interest, shall be due and payable upon the sale, transfer, or refinancing of the property, or shall be repaid by the borrower in installments as determined by the corporation; provided that the corporation may provide a period in which payments may be waived. The period over which the principal and interest shall be paid need not coincide with the period over which the loan from the mortgage lender for the balance of the purchase price must be repaid. The borrower may repay the whole or any part of the unpaid balance of the downpayment loan, plus accrued interest, at any time without penalty.
(d) The corporation may secure the services of nonprofit organizations, as defined in section 454F-1, to originate the downpayment loans on behalf of the State for an origination fee not in excess of the prevailing loan origination fee amount, as determined by the corporation.
(e) The corporation may secure the services of the mortgage lender who loans to the borrower the balance of the purchase price of the residential property or the services of any other mortgage lender doing business in the State to collect, on behalf of the State, the principal and interest of the downpayment loan and otherwise to service the downpayment loan, for a servicing fee not in excess of the prevailing loan servicing fees.
(f) The corporation shall adopt rules pursuant to chapter 91 to carry out the purposes of this subpart. [L 2006, c 180, pt of §4; am L 2017, c 123, §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-162 Qualifications for downpayment loans.

§201H-162 Qualifications for downpayment loans.
(a) No person shall be qualified for a downpayment loan unless the person:
(1) Is a citizen of the United States or a resident alien;
(2) Is at least eighteen years of age;
(3) Is a bona fide resident of the State;
(4) Will physically reside in the residential property to be purchased for the term of the loan;
(5) Is accepted by a mortgage lender as a person to whom it is willing to lend money for the purchase of the residential property provided the required downpayment is made;
(6) Provides a portion of the downpayment which shall be equal to at least five per cent of the sales price; and
(7) Has successfully completed a homeownership counseling program provided by a housing counseling agency approved by the United States Department of Housing and Urban Development.
(b) No person who owns in fee simple or in leasehold any other residential property within the State shall be eligible to become a borrower under this section. A person shall be deemed to own a residential property if the person, the person's spouse, or both (unless separated and living apart under a decree of a court of competent jurisdiction) own a majority interest in a residential property. [L 2006, c 180, pt of §4; am L 2017, c 123, §5]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-163 Restrictions on borrower.

§201H-163 Restrictions on borrower.
Every loan made under this subpart shall be subject to the following conditions:
(1) The borrower shall expend no portion of the borrower's downpayment loan for purposes other than to make a downpayment for the purchase of a residential property;
(2) The residential property purchased with the downpayment loan and mortgaged to the State to secure the repayment of the loan shall not be sold or assigned without the prior approval in writing of the corporation and the first mortgage lender;
(3) The borrower shall pay when due all taxes, liens, judgments, or assessments that may be lawfully levied against the residential property and all costs and expenses of any foreclosure of the mortgage made to the State;
(4) The borrower shall maintain fire and casualty insurance in amounts equal to the replacement value of all improvements and insurable portions of the residential property with an insurance company authorized to do business in the State. All proceeds of that insurance shall be made payable to the first mortgage lender and the corporation as their respective interests may appear at the time of any loss or damage. Subject to the rules of the corporation, in the event of any loss or damage to the improvements or property covered by the insurance, the proceeds receivable by the State shall be applied toward the reconstruction of the improvements or property destroyed or damaged, unless otherwise determined by the corporation on behalf of the State; and
(5) The borrower shall maintain the improvements in good repair.
All of the conditions in paragraphs (1) through (5) shall be a part of any downpayment mortgage executed under this subpart, regardless of whether or not they are expressly incorporated in the mortgage document. [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-163.5 Downpayment loan assistance program; fees.

§201H-163.5 Downpayment loan assistance program; fees.
The corporation may establish, revise, charge, and collect fees, premiums, and charges as necessary, reasonable, or convenient, for its downpayment loan assistance program. The fees, premiums, and charges shall be deposited into the housing finance revolving fund established in section 201H-80. [L 2017, c 123, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-164 Default.

§201H-164 Default.
If the borrower defaults in the payment of any installment of principal or interest of the downpayment loan, the corporation or mortgage lender shall take all necessary action to collect the delinquent amounts and may take all actions generally allowed holders of mortgages, including the power to foreclose. Upon any foreclosure of the second mortgage, the corporation or mortgage lender on behalf of the corporation, may purchase the interest of the borrower in and to the residential property, take possession thereof and assume all of the obligations of the borrower under the first mortgage held by the private lender and any other liens having priority over the second mortgage that may then exist. On the acquisition of the borrower's interest, the corporation, at its option, may pay in full the unpaid balance of the borrower's obligation secured by the first mortgage and other prior liens; repair, renovate, modernize, or improve the residential property; and, with or without clearing the property of all prior mortgages and liens, sell, lease, or rent the property or use or dispose of the same in any manner authorized by law. [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-170 Additional powers.

§201H-170 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-171 Homebuyers' club program.

§201H-171 Homebuyers' club program.
(a) The corporation may establish a homebuyers' club program for participants who are desirous of purchasing a home and who have adequate incomes but who lack sufficient funds for the downpayment and closing costs. The primary focus of this program is to facilitate the purchase of homes by providing participants with strategies to save money, to resolve credit problems, and to educate participants on how to shop for and purchase a home.
(b) In establishing such a program, the corporation shall adopt rules pursuant to chapter 91 relating to establishing a savings program for participants based upon individual analyses of income and family expenses. The rules may also provide for integration of the homebuyers' club program with other governmental programs including but not limited to individual housing accounts under section 235-5.5, the state mortgage guarantee program under subpart E, the downpayment loan assistance program established under subpart F, and the rent-to-own program established under subpart H.
(c) The corporation may secure the services of another public or private entity to carry out the purposes of this section. [L 2006, c 180, pt of §4; am L 2017, c 123, §6]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-180 Additional powers.

§201H-180 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-181 Rent-to-own program.

§201H-181 Rent-to-own program.
(a) The corporation may establish a rent-to-own program under which dwelling units that are for sale may be rented to program participants. Under this program, the corporation shall credit a portion of the rent received toward the purchase of the unit.
(b) The sales price shall be established at the beginning of the rental term and shall remain fixed for the first five years after the rental agreement is executed. During this period, the participant shall have the option of purchasing the unit at the designated sales price. If the participant does not elect to purchase the unit within the five-year period, the renter shall forfeit the right to continue living in the unit and the unit shall be made available to another purchaser or renter.
(c) The corporation shall have the right to reestablish the sales price upon expiration of the option period or upon resale of the unit. [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-190 Additional powers.

§201H-190 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-191 Dwelling unit revolving fund.

§201H-191 Dwelling unit revolving fund.
(a) There is created a dwelling unit revolving fund. The funds appropriated for the purpose of the dwelling unit revolving fund and all moneys received or collected by the corporation for the purpose of the revolving fund shall be deposited in the revolving fund. The proceeds in the revolving fund shall be used to reimburse the general fund to pay the interest on general obligation bonds issued for the purposes of the revolving fund, for the necessary expenses in administering housing development programs and regional state infrastructure programs, and for carrying out the purposes of housing development programs and regional state infrastructure programs, including but not limited to the expansion of community facilities and regional state infrastructure constructed in conjunction with housing and mixed-use transit-oriented development projects, permanent primary or secondary financing, and supplementing building costs, federal guarantees required for operational losses, and all things required by any federal agency in the construction and receipt of federal funds or low-income housing tax credits for housing projects.
(b) Subject to the requirements of subsection (a), proceeds in the revolving fund may be used to establish and operate regional state infrastructure subaccounts pursuant to section 201H-191.5. [L 2006, c 180, pt of §4; am L 2016, c 132, §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-200 Additional powers.

§201H-200 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-201 Definitions.

Note
Subpart heading amended by L 2015, c 237, §23.
§201H-201 Definitions.
As used in this subpart, unless a different meaning is clearly required by the context:
"Develop" or "development" means the planning, financing, or acquisition of real and personal property; demolition of existing structures; clearance of real property; construction, reconstruction, alteration, or repairing of approaches, streets, sidewalks, utilities, and services, or other site improvements; construction, reconstruction, repair, remodeling, extension, equipment, or furnishing of buildings or other structures; or any combination of the foregoing, of any housing project. It also includes any undertakings necessary therefor, and the acquisition of any housing, in whole or in part.
"Fund" means the rental housing revolving fund established pursuant to section 201H-202. [L 2006, c 180, pt of §4; am L 2015, c 237, §24]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-203 Eligible applicants for funds.

§201H-203 Eligible applicants for funds.
Eligible applicants for funds shall include nonprofit and for-profit organizations, limited liability companies, partnerships, and government agencies, who are qualified in accordance with rules adopted by the corporation pursuant to 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-204 Eligible projects.

§201H-204 Eligible projects.
(a) Activities eligible for assistance from the fund shall include but not be limited to:
(1) New construction, rehabilitation, or preservation of low-income rental housing units that meet the criteria for eligibility described in subsection (c);
(2) The leveraging of moneys with the use of fund assets;
(3) Pre-development activity grants or loans to nonprofit organizations; and
(4) Acquisition of housing units for the purpose of preservation as low-income or very low-income housing.
(b) Preference shall be given to projects producing units in at least one of the following categories:
(1) Multifamily units;
(2) Attached single-family units;
(3) Apartments;
(4) Townhouses;
(5) Housing units above commercial or industrial space;
(6) Single room occupancy units;
(7) Accessory apartment units;
(8) Employee housing;
(9) United States Department of Housing and Urban Development mixed finance development of public housing units; and
(10) Other types of units meeting the criteria for eligibility set forth in subsection (c).
(c) The corporation shall establish an application process for fund allocation that gives preference to projects meeting the following criteria that are listed in descending order of priority:
(1) Serve the original target group;
(2) Provide at least five per cent of the total number of units for persons and families with incomes at or below thirty per cent of the median family income;
(3) Provide the maximum number of units for persons or families with incomes at or below eighty per cent of the median family income;
(4) Are committed to serving the target group over a longer period of time;
(5) Increase the integration of income levels of the immediate community area;
(6) Meet the geographic needs of the target group of the proposed rental housing project, such as proximity to employment centers and services; and
(7) Have favorable past performance in developing, owning, managing, or maintaining affordable rental housing.
The corporation may include other criteria as it deems necessary to carry out the purposes of this subpart.
If the corporation, after applying the process described in this subsection, finds a nonprofit project equally ranked with a for-profit or government project, the corporation shall give preference to the nonprofit project in allotting fund moneys. [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-205 Additional powers.

§201H-205 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 conferred. [L 2006, c 180, pt of §4]
Revision Note
This section was renumbered from §201H-210 pursuant to §23G-15.
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-207 Additional powers.

§201H-207 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 conferred. [L 2021, c 227, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-211 Expenditures of revolving funds under the corporation exempt from appropriation and allotment.

§201H-211 Expenditures of revolving funds under the corporation exempt from appropriation and allotment.
Except as to administrative expenditures, and except as otherwise provided by law, expenditures from the revolving funds administered by the corporation under subparts I and J of part III, relating to financing programs, or section 201H-80 or 201H-123 may be made by the corporation without appropriation or allotment by the legislature; provided that no expenditure shall be made from and no obligation shall be incurred against any revolving fund in excess of the amount standing to the credit of the fund or for any purpose for which the fund may not lawfully be expended. Nothing in sections 37-31 to 37-41 shall require the proceeds of the revolving funds identified in subparts I and J of part III, or section 201H-80 or 201H-123 to be reappropriated annually. [L 2006, c 180, pt of §5; am L 2014, c 132, §2; am L 2015, c 237, §36]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201H. Hawaii Housing Finance and Development Corporation › 201H-220 Additional powers.

§201H-220 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 §5]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201M. Small Business Regulatory Flexibility Act › 201M-1 Definitions.

§201M-1 Definitions.
As used in this chapter, unless the context clearly requires otherwise:
"Advisory committee" means an advisory committee on small business as established in section 201M-4.
"Affected small businesses" or "affects small business" means any potential or actual requirement imposed upon a small business through an agency's proposed or adopted rule that will cause a direct and significant economic burden upon a small business, or is directly related to the formation, operation, or expansion of a small business.
"Agency" means each state or county board, commission, department, or officer authorized by law to make rules, except those in the legislative or judicial branches.
"Board" means the small business regulatory review board.
"Rule" shall have the same meaning as in section 91-1.
"Small business" means a for-profit corporation, limited liability company, partnership, limited partnership, sole proprietorship, or other legal entity that:
(1) Is domiciled and authorized to do business in Hawaii;
(2) Is independently owned and operated; and
(3) Employs fewer than one hundred full-time or part-time employees in Hawaii. [L 1998, c 168, pt of §2, §5; am L 2002, c 202, § §2, 5; am L 2007, c 217, §2; am L 2017, c 174, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 201M. Small Business Regulatory Flexibility Act › 201M-3 Small business statement after public hearing.

§201M-3 Small business statement after public hearing.
(a) For any proposed rule that affects small business, the agency shall also submit a small business statement to the small business regulatory review board and the departmental advisory committee on small business after the public hearing is held. This section shall not apply to emergency rules. The small business statement required by this section shall provide the following information:
(1) A description of how opinions or comments from affected small business were solicited, a summary of the public and small business comments, and a summary of the agency's response to those com ­ments;
(2) The number of persons who:
(A) Attended the public hearing;
(B) Testified at the hearing; and
(C) Submitted written comments; and
(3) If there was a request to change the proposed rule at the hearing in a way that affected small business, a statement of the reasons for adopting the proposed rule, the reason why a requested change was not made, and the problems or negative result the change would provide if adopted.
(b) If the small business regulatory review board finds that a statement provided pursuant to subsection (a)(3):
(1) Indicates inconsistency with any of the agency's determinations under section 201M-2(b); or
(2) Does not address the concerns of public input,
the board with good cause may request a written response from the agency explaining the rationale used to deny the public concerns within ten working days of receipt of the small business statement after public hearing. The agency shall respond in writing to the board's concerns within ten working days.
(c) The written response from an agency required in subsection (b), at a minimum, shall:
(1) Specifically address each issue and concern raised in the board's request for a written response; and
(2) Affirmatively state that the agency has considered all written and oral testimony received at the agency's public hearing and has addressed all issues or concerns raised in the written and oral testimony. [L 1998, c 168, pt of §2, §5; am L 2002, c 202, §5; am L 2012, c 241, §2]