reglab/statecodes huggingface dataset:
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-165-2 - Legislative authority

Current through June, 2024
The statutory authority for these rules is found in
					 sections 2016-241 through 2016-244, HRS, and sections 2016-161, 2016-164
					 through 2016-167. 2016-170, HRS.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-165-3 - Legislative findings and purpose

Current through June, 2024
The legislature has found that there exists in the State a
					 critical shortage of housing units that are affordable.
It is the purpose of these rules to implement the findings
					 and purpose of the legislature to provide a substantial amount of resources to
					 provide for the development of affordable housing development programs to
					 assist Hawaii's residents who are in need of shelter and to remedy Hawaii's
					 critical housing shortage.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-165-4 - Definitions

Current through June, 2024
(a) The definitions of "housing loan
				  programs", "securities", "trustee", and "trust indenture", set forth in section
				  2016-241, HRS, are incorporated by reference.
(b) The definition of "mortgage lender", set
				  forth in section 2016-241, HRS, is incorporated by reference. The term
				  "mortgage lender" also includes a "mortgage broker" under chapter
				  454, HRS whose net worth is no less
				  than $500,000.
(c) As used in this
				  chapter:
"Administrator" means the executive director, including
					 the executive director's designated representatives, employed by the
					 board.
"Board" means the board of directors of the housing and
					 community development corporation of Hawaii.
"Corporation" means the housing and community development
					 corporation of Hawaii established under chapter 2016, HRS.
"Develop" or "development" means the planning, financing,
					 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, or 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 and
					 all undertakings necessary therefor, and the acquisition of any housing, in
					 whole or in part.
"Eligible borrower" means:
(1) Any person or family, irrespective of
				  race, creed, national origin, or sex, who:
(A)
				  Is a citizen of the United States or a declarant alien;
(B) Is a bona fide resident of the
				  State;
(C) Is at least of legal
				  age;
(D) Does not personally, or
				  whose spouse if the person is married, own a majority interest in any
				  residential property in the State;
(E) Does not have an income which exceeds one
				  hundred forty per cent of the area median income as determined by the United
				  States department of housing and urban development and as adjusted by the
				  corporation for family size; or
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-165-5 - Delegation

Current through June, 2024
The corporation delegates to the administrator the
					 authority to implement and carry out the purposes of these
					 rules.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-165-6 - General

Current through June, 2024
Specific provisions of section 2016-161, HRS, authorize
					 the corporation to issue securities from time to time in the name of the
					 corporation (and not in the name of the State) in such amounts as may be
					 necessary to provide financing for mortgage loans and housing projects as
					 authorized and approved by the corporation under section 2016-243, HRS. Except
					 as provided in sections 2016-161, 2016-164 through 2016-167, 2016-170, HRS, the
					 securities shall be issued pursuant to part III of chapter 39, HRS. The
					 corporation is authorized to assign eligible loans to the trustee as security
					 for the payment of the corporation's securities pursuant to a trust indenture
					 or such other security agreement required by the trustee. All issuances of
					 securities by the corporation shall be made only with the approval of the
					 governor.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-11 - Housing loan programs

Current through June, 2024
(a) The proceeds
				  from the issuance and sale of securities to fund housing loan programs which
				  the board has authorized and approved pursuant to section 2016-243, HRS, may be
				  used to enable the corporation to:
(1)
				  purchase eligible loans from one or more mortgage lenders; and
(2) make eligible loans which have been
				  originated by one or more mortgage lenders which have been or will be made to
				  enable eligible borrowers to finance the purchase of a home in a specific
				  project or development for which the developer is:
(A) the corporation; or
(B) an eligible developer together with the
				  corporation; or
(C) an eligible
				  developer.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-12 - Commitment of funds

Current through June, 2024
(a) The corporation
				  may commit the proceeds from the issuance and sale of securities to fund
				  housing loan programs for projects or developments, including specific projects
				  or developments in which the corporation is the developer or an eligible
				  developer together with the corporation are the developers, and for housing
				  loan programs providing spot mortgage loan financing.
(b) As a condition for a commitment of funds
				  for any housing loan program for a specific project or development, the
				  corporation may require the eligible developer to establish a reserve fund with
				  the eligible developer's own funds to cover interest costs of the corporation's
				  securities. The corporation shall establish the term during which such reserve
				  fund must be maintained. After the term expires, any funds remaining in the
				  reserve fund shall be returned to the eligible developer. All interest or other
				  income earned from the reserve fund shall belong to the corporation. The
				  corporation shall apply such interest or other income in furtherance of the
				  corporation's housing loan programs.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-13 - Procedural guide

Current through June, 2024
(a) The corporation shall prepare a
				  procedural guide consistent with these rules. The procedural guide, as amended
				  or supplemented from time to time by the board and at the board's sole
				  discretion, shall cover without limitation guidelines and procedures relating
				  to the following matters:
(1) the purchase of
				  eligible loans, which have been made to eligible borrowers by a mortgage
				  lender;
(2) the origination of
				  eligible loans by a mortgage lender;
(3) the servicing of eligible
				  loans;
(4) qualification for
				  mortgage insurers, mortgage originators and mortgage servicers and their
				  respective responsibilities and contractual obligations to the
				  corporation;
(5) fees, premiums and
				  charges relating to housing loan programs;
(6) individual or pooled mortgage insurance
				  coverage for eligible loans; and
(7) defaults.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-14 - Eligibility and creditworthiness

Current through June, 2024
(a) The mortgage
				  lender shall be responsible for determining whether a loan applicant meets the
				  requirements to be an eligible borrower and for evaluating the loan applicant's
				  creditworthiness (i.e., the willingness and financial ability to repay an
				  eligible loan) pursuant to the guidelines set forth in the procedural guide.
				  The mortgage lender's determination must be based upon a thorough evaluation of
				  all available and pertinent information. The corporation will rely upon the
				  mortgage lender's determination that a person is an eligible borrower and
				  evaluation of the eligible borrower's creditworthiness.
(b) In considering whether a loan applicant
				  is within .the income limits of a housing loan program, which has been approved
				  and authorized by the board, in order to qualify as an eligible borrower, the
				  mortgage lender must review and consider the loan applicant's federal income
				  tax return for the year most recently completed. If, after timely, diligent
				  efforts, the loan applicant is not able to provide the mortgage lender with a
				  federal income tax return, the mortgage lender may consider the loan
				  applicant's State income tax return for the most recent year
				  completed.
(c) If neither the loan
				  applicant's federal income tax return nor State income tax return are
				  available, the mortgage lender may consider other information which the
				  mortgage lender would consider in verifying a loan applicant's income under
				  prudent mortgage lending practices. Any income limits which the board shall
				  establish and impose in order for a person or family to qualify as an "eligible
				  borrower" under any home loan program must be strictly observed by the mortgage
				  lender.
(d) Credit underwriting for
				  each eligible loan will be done on a case-by-case basis and must follow sound
				  general principles in credit underwriting with due consideration being given to
				  the loan applicant's:
(1) Monthly housing
				  expense to income ratio;
(2)
				  Monthly debt payment-to-income ratio;
(3) Stable monthly income;
(4) Adjusted gross income;
(5) Credit reputation; and
(6) Credit report;
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-15 - Mortgage insurance required

Current through June, 2024
(a) Except as
				  provided in subsection (b), all eligible loans must be insured by mortgage
				  insurance, which has been issued by a mortgage insurer that has been approved
				  by the corporation. Each eligible borrower must also satisfy the credit
				  underwriting and other requirements of the mortgage insurer in order to qualify
				  for and obtain an eligible loan. The federal housing administration, veteran's
				  administration and farmers home administration are acceptable mortgage
				  insurers. The corporation will include in the procedural guide a list of
				  private mortgage insurers which are acceptable to the corporation.
(b) The board, at the board's discretion, may
				  waive the requirement that a mortgage loan be insured by a mortgage insurer on
				  a case-by-case basis.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-16 - Limitations on the purchase or making of eligible loans

Current through June, 2024
The corporation shall neither purchase nor make a mortgage
					 loan to an eligible borrower if:
(1)
				  the borrower personally, or whose spouse if the person is married, owns any
				  interest in any residential property in the State; or
(2) The purpose of the mortgage loan is to
				  satisfy an agreement of sale or to refinance an existing mortgage; or
(3) The purpose of the mortgage loan is to
				  purchase a vacant lot only.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-17 - Mortgage origination

Current through June, 2024
A mortgage lender, who originates mortgage loans which are
					 made in the name of the corporation, as the mortgage lender, will be
					 responsible for satisfying all requirements necessary to close such mortgage
					 loans. Without limitation, such a mortgage lender will be responsible for the
					 following matters:
(1) Being familiar
				  with the requirements of the home loan program for which eligible loans will be
				  originated by the mortgage lender and closed in the name of the corporation, as
				  the mortgage lender;
(2) Receiving
				  and evaluating all loan applications and determining whether each loan
				  applicant meets the requirements necessary to be an eligible
				  borrower;
(3) Evaluating each loan
				  applicant's creditworthiness for a mortgage loan;
(4) Providing loan applicants and eligible
				  borrowers with all disclosures, including consumer credit disclosures, required
				  by applicable federal and State laws and any rules or regulations promulgated
				  there under;
(5) Securing mortgage
				  insurance for each mortgage loan from a mortgage insurer acceptable to the
				  corporation; and
(6) Doing all
				  things necessary to close mortgage loans to eligible borrowers in the name of
				  the corporation, as the mortgage lender.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-18 - Loan documentation

Current through June, 2024
Each eligible loan file must contain the documents
					 specified in the procedural guide and such other documents as the mortgage
					 insurer shall require. The note and/or the mortgage evidencing the eligible
					 loan or riders thereto must contain the following terms:
(1) Conditions which the corporation shall
				  require in accordance with sections 2016-125 through 2016-130, HRS, or
				  specifically with respect to a particular housing loan program and/or for a
				  specified project or development, which have been approved and authorized by
				  the board; and
(2) Each note and
				  mortgage or rider thereto shall provide that subject to the provisions of
				  12 U.S.C.
				  1701j-3 (which preempts state prohibitions on
				  due-on-sale clauses) if all or any part of the real property securing the
				  eligible loan is sold or transferred by the eligible borrower to another person
				  who is not an eligible borrower, or if the eligible borrower no longer uses
				  such real property as the eligible borrower's principal residence, the
				  corporation or holder of the note and mortgage shall have the right to either:
(A) Declare all amounts owing under the note
				  and mortgage to be immediately due and payable in full; or
(B) Increase the interest rate to the higher
				  of (a) the prevailing market interest rate at the time the eligible loan was
				  closed or (b) the average of the prevailing market interest rates for fixed
				  rate home mortgages having a term of thirty years offered by no less than five
				  financial institutions which are selected by the corporation and whose accounts
				  are federally insured provided, however, that in no event shall the interest
				  rate be less than the interest rate for the eligible loan at the time of
				  closing. The note or mortgage instrument or both or a rider thereto shall
				  disclose the prevailing market interest rate at the time the eligible loan
				  closes. Provided, however, that the foregoing provision may be revised to
				  conform to the requirements for mortgage insurance from the federal housing
				  administration, veterans administration and farmers home
				  administration.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-19 - Mortgage servicing

Current through June, 2024
The corporation may enter into a master mortgage servicing
					 agreement with one mortgage servicer or into several mortgage servicing
					 agreements with several mortgage servicers to service some or all of the
					 eligible loans for the corporation. The procedural guide will contain
					 guidelines for the servicing of eligible loans.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 3 - TAXABLE MORTGAGE SECURITIES; MORTGAGE LOAN PROGRAM › Section 15-165-20 - Falsification of application

Current through June, 2024
Each loan applicant shall state in an application for a
					 mortgage loan that the application is complete and accurate and does not
					 contain any untrue statements of material facts nor omit to state material
					 facts necessary in order to make the statements made, in light of the
					 circumstances under which they were made, not misleading, with respect to the
					 loan applicant's eligibility and creditworthiness for an eligible loan. The
					 application shall be verified. Persons who submit applications for a mortgage
					 loan shall be subject to the criminal sanctions of the Hawaii penal code, part
					 V, section
					 710-1063,
					 HRS, for falsifying any material disclosure in the
					 application.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 4 - TAXABLE MORTGAGE SECURITIES; HOUSING PROJECT LOAN PROGRAM › Section 515-165-31 - Purpose

Current through June, 2024
The purpose of this program is to provide eligible project
					 loans to qualified sponsors by directly making or by contracting with eligible
					 project loan servicers.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 4 - TAXABLE MORTGAGE SECURITIES; HOUSING PROJECT LOAN PROGRAM › Section 15-165-32 - Definitions

Current through June, 2024
As used in this subchapter and the procedural
					 guide:
"Commitment letter" means the corporation's notice to a
					 qualified sponsor of the acceptance of the eligible project loan application
					 subject to the acceptance and conditions of the eligible project loan servicing
					 agreement, if applicable.
"Eligible project loan application" means an application
					 from a qualified sponsor, in such form as prescribed by the corporation,
					 requesting an eligible project loan.
"Eligible project loan servicer" means a mortgage lender or
					 its designee as approved by the corporation which has executed an eligible
					 project loan servicing agreement.
"Eligible project loan servicing agreement" means an
					 agreement among a qualified sponsor, an eligible project loan servicer, and the
					 corporation in a form as prescribed by the corporation to fund and service or
					 service an eligible project loan.
"Eligible project loan servicing agreement application"
					 means an application from an eligible project loan servicer, in such form as
					 prescribed by the corporation, requesting a contract with the corporation and
					 qualified sponsor to fund and service or service an eligible project loan to a
					 qualified sponsor.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 4 - TAXABLE MORTGAGE SECURITIES; HOUSING PROJECT LOAN PROGRAM › Section 15-165-33 - Housing project loan program

Current through June, 2024
(a) The corporation
				  may, with the board's approval, issue and sell securities in order to provide
				  below-market rate interest loans for the development, construction,
				  acquisition, preservation, and substantial rehabilitation of affordable housing
				  projects.
(b) Securities issued
				  under this program may be leveraged with other resources, including available
				  funds from the rental assistance program administered by the corporation in
				  order to further lower construction financing costs.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 4 - TAXABLE MORTGAGE SECURITIES; HOUSING PROJECT LOAN PROGRAM › Section 15-165-34 - Process and procedures

Current through June, 2024
(a) Eligible
				  project loan applications and eligible project loan servicing agreement
				  applications shall be available at the principal office of the
				  corporation.
(b) In order for a
				  qualified sponsor to submit an eligible project loan application, the qualified
				  sponsor shall also submit an eligible project loan servicing agreement
				  application or evidence satisfactory to the corporation of other servicing
				  arrangements and evidence that the eligible project has received a conditional
				  commitment or site appraisal and marketing analysis letter from the federal
				  housing administration or similar commitment documents from other insuring or
				  guaranteeing agencies of the federal government or other evidence that the
				  eligible project loan meets the requirements specified in the procedural guide
				  by the corporation for eligible project loans not insured or guaranteed by the
				  federal government.
(c) After
				  receipt of eligible project loan applications and other documents required in
				  subsection (b) above, the corporation shall, subject to such terms and
				  conditions as described in the procedural guide, issue its commitment letter to
				  the qualified sponsor.
(d) The
				  corporation shall establish fees and charges payable to the corporation and the
				  eligible project loan servicer and shall establish such restrictions, as deemed
				  necessary, on the annual return to the qualified sponsor, as described in the:
(1) Commitment letter;
(2) Eligible project loan servicing
				  agreement; and
(3) Procedural
				  guide.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 4 - TAXABLE MORTGAGE SECURITIES; HOUSING PROJECT LOAN PROGRAM › Section 15-165-35 - Procedural guide

Current through June, 2024
(a) The corporation shall prepare a
				  procedural guide consistent with these rules. The procedural guide, as amended
				  or supplemented from time to time by the board and at the board's sole
				  discretion, shall cover without limitation guidelines and procedures relating
				  to the following matters:
(1) The
				  applications process;
(2) Terms and
				  conditions of the loans to be made under this program;
(3) Project eligibility under the
				  program;
(4) For rental projects, a
				  compliance monitoring plan, including but not limited to, rental rates; terms
				  of compliance; tenant income verification, certification, and recertification;
				  rent restrictions, if any; eviction of tenants; audits; reporting requirements;
				  fees; and non-compliance penalties; and
(5) Defaults.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 5 - MISCELLANEOUS PROVISIONS › Section 15-165-41 - Waiver

Current through June, 2024
The board may by resolution waive or vary provisions of
					 this rule or any process or procedure established by these rules in order to
					 conform to applicable federal laws, regulations and
					 requirements.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 5 - MISCELLANEOUS PROVISIONS › Section 15-165-42 - Interpretation; relationship to other laws and rules

Current through June, 2024
These rules are not intended to supersede any related
					 provisions of chapter 2016, HRS, and the respective rules promulgated
					 thereunder, and shall be interpreted and applied consistently with and be
					 complementary to such other laws and rules, as applicable.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 165 - TAXABLE MORTGAGE SECURITIES PROGRAM › Subchapter 5 - MISCELLANEOUS PROVISIONS › Section 15-165-43 - Amendments

Current through June, 2024
These rules may be amended or supplemented from time to
					 time by issuance of revised pages or other written communication. The effective
					 date of each revised page shall be stated on the page.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-169-1 - Purpose

Current through June, 2024
This chapter implements part III, subpart H of chapter
					 2016, Hawaii Revised Statutes ("HRS"), pertaining to the downpayment loan
					 program, and which purpose is to provide eligible borrowers with downpayment
					 loans.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-10 - Corporation's right to contract for services of financial institution

Current through June, 2024
The corporation is authorized to enter into agreements
					 with or purchase services from any financial institution for services required
					 for the purposes of this chapter.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-11 - Procedural guide

Current through June, 2024
The corporation shall prepare a procedural guide for
					 financial institutions originating loans under this chapter. The guide shall be
					 consistent with these rules and shall be available for public inspection at the
					 principal office of the corporation during the corporation's normal business
					 hours.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-12 - Amount of loan

Current through June, 2024
The maximum amount of the loan available under this
					 chapter shall not exceed thirty per cent of the purchase price of the
					 residential property or fifteen thousand dollars, whichever is
					 less.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-13 - Repayment; term of loan

Current through June, 2024
The corporation shall determine the repayment schedule and
					 mortgage term for loans made under this chapter as prescribed in section
					 2016-321, HRS.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-14 - Interest rate on eligible loan

Current through June, 2024
The corporation shall determine the interest rate for
					 loans made under this chapter which range from zero per cent to eight per cent,
					 depending on the eligible borrower's annualized gross income. The determination
					 of the interest rates shall be set forth in the procedural guide of the
					 program.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-15 - Fees

Current through June, 2024
The eligible borrower is responsible for payment of all
					 fees charged by the corporation or financial institution or both in connection
					 with the application for loan under this chapter.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-16 - Application for loan

Current through June, 2024
The following procedure is established for loans made
					 under this chapter:
(1) The
				  corporation shall provide any interested person with the name(s) of the
				  financial institution(s) selected by the corporation to originate and service
				  loans made under this chapter;
(2)
				  Application for a loan shall be made directly to the financial
				  institution.
(3) Each application
				  shall include the eligible borrower's name, address, requested loan amount
				  (subject to the limits set forth in section 15-169-12, credit history, income
				  statement, statement of assets and liabilities, a copy of the eligible
				  borrower's most recent signed federal and state income tax returns, and other
				  information as prescribed by the corporation; and
(4) Upon the corporation's review and
				  approval of the documents listed in paragraph (3), the corporation shall
				  coordinate the funding of the loan with the financial institution and the
				  escrow company.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-17 - Funding for loan

Current through June, 2024
The following procedure is established for loans made
					 under this chapter:
(1) No funds shall
				  be authorized for release until the financial institution has provided the
				  corporation with the required documentation which verifies the borrower's
				  eligibility for a loan under this chapter;
(2) The corporation shall arrange for the
				  loan funds to be available at the designated escrow company on the eligible
				  borrower's loan closing date; and
(3) Funds shall be disbursed by check made
				  payable to the financial institution and shall be applied toward the eligible
				  borrower's downpayment.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-18 - Restrictions on the eligible borrower

Current through June, 2024
An eligible borrower receiving a loan under this chapter
					 shall be subject to the conditions prescribed in section 2016-323,
					 HRS.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-19 - Security for loan; establishment of mortgage lien

Current through June, 2024
The mortgage securing each eligible loan shall constitute
					 a second lien on such residential property purchased with the eligible loan.
					 The financial institution shall promptly record or file or both with the bureau
					 of conveyances or the land court of the State as the case may be, to ensure the
					 creation of a valid lien on the mortgaged property.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-20 - Acceleration of maturity of loan

Current through June, 2024
The occurrence of any of the following events shall be
					 sufficient grounds for the corporation, at its option, to accelerate the
					 maturity of the loan:
(1) The eligible
				  borrower sells, transfers, or refinances the property described in the
				  mortgage; provided, however, that a transfer of title shall be permitted if it
				  appears to the satisfaction of the corporation that the transfer was effected
				  for estate planning purposes and the corporation's security interest is
				  unaffected by the transfer;
(2) The
				  eligible borrower rents or fails to occupy the property described in the
				  mortgage as the eligible borrower's permanent and primary residence;
(3) The eligible borrower fails to abide by
				  any agreements executed by the eligible borrower for the purpose of the
				  eligible loan;
(4) The corporation
				  finds that any statement made by the eligible borrower in the application for
				  an eligible loan to be false; or
(5) Failure to respond within thirty days to
				  the corporation's request to verify the occupancy of the eligible borrower.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-21 - Default of loan

Current through June, 2024
The corporation may consider an eligible loan in default
					 if the eligible borrower is delinquent in payment of any installment of
					 princinal and interest of the eligible loan.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-22 - Corporation's rights upon default of loan

Current through June, 2024
With respect to any loan in default made under this
					 chapter, the corporation may:
(1)
				  Renegotiate, refinance or foreclose the loan;
(2) Waive any default or consent to the
				  modification of the terms of the loan or the mortgage;
(3) Commence any action to protect or enforce
				  any right conferred upon the corporation 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; or
(5) Operate, manage, lease, dispose of, or
				  otherwise deal with the property secured by the loan.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-23 - Occupancy

Current through June, 2024
The eligible borrower shall utilize the residence as his
					 or her principal residence for the life of the eligible loan.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 2 - DOWNPAYMENT LOAN PROGRAM › Section 15-169-24 - False information in application

Current through June, 2024
By signing the application, the eligible borrower
					 certifies that the information provided in the application is true and correct.
					 The eligible borrower shall be subject to criminal charges or civil action, or
					 both under the laws of the State if false information is
					 provided.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 169 - DOWNPAYMENT LOAN PROGRAM › Subchapter 3 - MISCELLANEOUS PROVISIONS › Section 15-169-30 - Waiver

Current through June, 2024
The board may waive or vary provisions of these rules or
					 any process or procedure established by these rules in order to conform to
					 applicable federal and state laws, regulations and
					 requirements.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-176-1 - Purpose

Current through June, 2024
These rules are adopted pursuant to chapter
					 91, Hawaii Revised Statutes ("HRS"),
					 and implement the provisions of section 2016-351, HRS, providing for the
					 establishment of a "homebuyers' club program".
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-176-2 - Definitions

Current through June, 2024
As used in this chapter:
"Assets" means total cash, securities, and real and
					 personal property less any outstanding liabilities secured by the
					 assets.
"Corporation" means the housing and community development
					 corporation of Hawaii established under chapter 2016, HRS.
"Gross family income" means the total amount of income of a
					 homebuyers' club member and the member's spouse from all sources before
					 deductions.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-11 - Purpose of program

Current through June, 2024
The purpose of this program is to establish a "club" which
					 shall bear the name "Future Homebuyers' Club of Hawaii" that will provide
					 informational services to the inexperienced on the process of purchasing a
					 home; assisting the participants in resolving credit problems; and establishing
					 a savings program for downpayment costs, closing costs, and other related costs
					 in the purchase of a home.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-12 - Membership eligibility

Current through June, 2024
Enrollment by application shall be open to any resident of
					 the State of Hawaii who:
(1) Is at
				  least eighteen years of age;
(2)
				  Has a gross family income which is sufficient to qualify for a mortgage loan;
				  and
(3) Is unaware of the process
				  and financial constraints or obligations in purchasing a home without
				  assistance of the program.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-13 - Educational seminars

Current through June, 2024
Subjects covered shall include but shall not be limited to
					 the following:
(1) Strategies on
				  saving money;
(2) Identifying
				  availability and use of downpayment savings plan;
(3) Developing financial plans;
(4) Budgeting practices;
(5) Description of available mortgage
				  loans;
(6) Understanding the
				  process of escrow;
(7)
				  Understanding land titles; and
(8)
				  Who to see and what to do when ready to purchase.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-14 - Financial planning and credit counseling

Current through June, 2024
(a) Consultant
				  interviews with a counselor or financial planner shall be made available on an
				  individual or family basis to provide credit analysis, projections, and
				  suggestions.
(b) A maximum of one
				  hour per month per applicant family shall be made available. Consumer credit
				  counseling to resolve negative credit history will be made available by
				  appointment.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-15 - Family or applicant financial statement

Current through June, 2024
(a) Prior to
				  receiving counseling, the applicant shall submit an updated financial
				  statement.
(b) The financial
				  statement shall include a listing of asset income, expenses, and a budget plan.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-16 - Savings program

Current through June, 2024
There shall be available, at the option of the
					 participant, a program to instill a savings incentive by providing a sound
					 budgetary plan. The program shall be strictly optional and shall be established
					 with a financial savings institution.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-17 - Integration with other governmental programs

Current through June, 2024
Wherever possible, the program shall be integrated with
					 other governmental programs, including, but not limited to:
(1) The state mortgage guarantee program
				  established under section 2016-311, HRS;
(2) The downpayment loan program, established
				  under section 2016-321, HRS;
(3)
				  The rent-to-own program, established under section 2016-361; and
(4) Any other program designed to assist the
				  participants of this program.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-18 - Contractual services

Current through June, 2024
The corporation may secure the services of another public
					 or private entity to carry out the purposes of this program.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 176 - HOMEBUYERS' CLUB PROGRAM › Subchapter 2 - HOMEBUYERS' CLUB PROGRAM › Section 15-176-19 - Fees

Current through June, 2024
Fees, material costs, and out-of-pocket expenses shall be
					 levied against the participant prior to dispensing said material or
					 service.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 185 - SECTION 8 - HOUSING CHOICE VOUCHER PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-185-1 - Purpose

Current through June, 2024
These rules are adopted under chapter
					 91, HRS, and shall govern the
					 implementation of the management requirements of the housing choice voucher
					 program authorized by the United States Housing Act of 1937, as amended by the
					 Housing and Community Development Act of 1974, and the Quality Housing Work
					 Responsibility Act (QHWRA) of 1998, and establishes the role and responsibility
					 of the participants and the housing and community development corporation of
					 Hawaii.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 185 - SECTION 8 - HOUSING CHOICE VOUCHER PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-185-2 - Nondiscrimination

Current through June, 2024
(a) The corporation shall not deny any family
				  or individual the opportunity to apply for or receive assistance under this
				  chapter on the basis of race, color, sex, religion, marital status, creed,
				  national or ethnic origin, age, familial status, handicap or disability or HIV
				  infection.
(b) The corporation
				  shall comply with federal and state nondiscrimination laws and with rules and
				  regulations governing fair housing and equal opportunity in the administration
				  of the program. The corporation shall provide a family with the United ' States
				  Department of Housing and Urban Development discrimination complaint form and
				  information on how to file a fair housing complaint if the family claims that
				  discrimination prevented them from finding or leasing a suitable unit under the
				  program.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 185 - SECTION 8 - HOUSING CHOICE VOUCHER PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-185-4 - Public notice to lower-income families

Current through June, 2024
The corporation shall inform the public of the availability
					 and nature of housing assistance for families within allowed income limits
					 through publications of general circulation and shall ensure wide and
					 appropriate coverage.