Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 309 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-309-2 - Definitions

Current through June, 2024
As used in this chapter:
"Affidavit" means the application to participate in the
					 program.
"Applicant" means the primary person who submits an
					 affidavit to participate in the program.
"Application for relief" means an application to the
					 corporation by a party seeking relief under this chapter.
"Board" means the board of directors of the Hawaii housing
					 finance and development corporation established under chapter
					 201H, HRS.
"Corporation" means the Hawaii housing finance and
					 development corporation established under chapter
					 201H, HRS.
"Corporation's equity" means the difference between the
					 original cost of the unit and the price of the unit paid by the qualified
					 purchaser.
"Corporation's equity percentage share" means the
					 percentage determined as: the corporation's equity divided by the value,
					 excluding any options or upgrades, and established prior to closing the
					 purchase of the unit, rounded to the nearest one per cent.
"Dwelling unit revolving fund" means the fund established
					 pursuant to section 201H-191, HRS.
"Dwelling unit revolving fund equity pilot program" or
					 "program" means the program established by Act 92, Session Laws of Hawaii
					 2023.
"Eligible buyer" means an applicant who:
(1) owns no other real property;
(2) receives no gift funds for purchase of
				  the unit;
(3) works in a profession
				  that is facing a shortage as determined by the corporation, including health
				  care workers, educators, law enforcement officers, staff at correctional
				  facilities, and agricultural field workers; and, if applicable,
(4) meets the eligibility requirements set
				  forth in section
				  15-308-22, Hawaii Administrative
				  Rules.
"Housing development project" means a plan, design, or
					 undertaking by the corporation or an eligible developer for the development of
					 units. "Housing development project" includes all real and personal property,
					 buildings and improvements, commercial spaces, lands for farming and gardening,
					 community facilities acquired or constructed or to be acquired or constructed,
					 and all tangible or intangible assets held or used in connection with the
					 housing development project.
"Interest rate" means the fixed rate charged on the
					 corporation's equity at one per cent per year, unless otherwise indicated in
					 the qualified purchaser's program agreement.
"Qualified purchaser" means an eligible buyer who meets the
					 criteria of the program for which an affidavit is submitted and has entered
					 into a purchase contract and program agreement.
"Starter unit" means a unit that is designed to meet the
					 basic living capacity requirements of homebuyers with families of limited size
					 by eliminating needless design and space amenities.
"Unit" means:
(1)
				  the structure and land upon which the structure is constructed, whether on fee
				  simple or leasehold property, developed for residential purposes pursuant to
				  chapter 201H, HRS; or
(2) improved or unimproved real
				  property that is developed for residential purposes pursuant to chapter
				  201H, HRS. "Unit" includes dwelling
				  units.
"Value" means the unencumbered value of a unit, without
					 options and upgrades at the time of purchase or capital improvements made by
					 the purchaser after the property is purchased, as determined by a qualified
					 appraiser.