Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 315 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-315-2 - Definitions

Current through June, 2024
(a) Whenever used in these rules, unless the context
					 otherwise requires:
"Annual gross household income" means an eligible
					 borrower's gross monthly income multiplied by twelve.
"Gross monthly income" is the sum of monthly gross pay, any
					 additional income from overtime pay, part-time employment, bonuses,
					 commissions, dividends, interest, royalties, pensions, Department of Veterans'
					 Affairs (VA) compensation, net rental income, etc.; and other income (such as
					 alimony, child support, public assistance, sick pay, social security benefits,
					 unemployment compensation, income from trusts, and income received from
					 business activities or investments). Information with respect to gross monthly
					 income may be obtained from available loan documents executed during the four
					 month period ending on the date of the closing of the mortgage, provided that
					 any gross monthly income not included on the loan documents must be included by
					 the issuer in determining gross monthly income.
"Board" means the board of directors of the
					 corporation.
"Certified credit rate" or "credit rate" means the rate
					 specified by the corporation on the MCC. The credit rate applicable to the MCC
					 program is twenty per cent.
"Corporation" means the Hawaii housing finance and
					 development corporation, a public body and a body corporate and politic of the
					 State of Hawaii.
"Executive director" means the executive director of the
					 corporation or the executive director's designee.
"Eligible borrower" means a person who is eligible to be a
					 holder of an MCC.
"Federal MCC program" means the mortgage credit certificate
					 program which was established pursuant to the IRC, including section 25
					 thereof, and the regulations promulgated thereunder.
"HRS" means the Hawaii Revised Statutes.
"IRC" means the Internal Revenue Code of the Internal
					 Revenue Service, and the corresponding regulations promulgated
					 thereunder.
"IRS" means the Internal Revenue Service.
"MCC" means a mortgage credit certificate which is issued
					 under the program.
"Mortgage lender" means a business enterprise authorized to
					 do business in the State of Hawaii which has as one of its principal purposes,
					 the origination or servicing of loans or both. Mortgage origination or
					 servicing or both must customarily be part of the mortgage lender's regular,
					 usual, and normal course of business. Organizations that originate or service
					 such loans occasionally, or in special circumstances do not fall within this
					 definition.
"Mortgage lender participation agreement" means a written
					 contract between the corporation and mortgage lender which establish the terms
					 by which mortgage lender will participate in the program.
"Program" means each and every qualified mortgage credit
					 certificate program of the corporation which the corporation elects to
					 authorize in accordance with the requirements of the federal MCC
					 program.
"Rules" means these rules.
"State" means the State of Hawaii.
(b) The definitions of other terms used in these rules
					 shall have the meaning ascribed to such terms under the IRC, including sections
					 25 and 103A thereof, for the federal MCC program, and the same are hereby
					 incorporated by reference.