Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 301 - KIKALA-KEOKEA HOUSING REVOLVING FUND PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-301-2 - Definitions

Current through June, 2024
As used in this chapter: "Annualized gross income" means
					 the gross monthly income multiplied by 12. Gross monthly income is the sum of:
					 monthly gross pay; any additional income from overtime, part-time employment,
					 bonuses, 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 received from trusts, and income received
					 from business activities or investments) .
The income to be taken into account in determining the
					 gross monthly income is the income of the eligible leaseholder (or eligible
					 leaseholders)' and all non-dependent persons who are expected to live in the
					 residence being financed under this chapter.
"Area median income" means the median income for the county
					 of Hawaii as established by the United States Department of Housing and Urban
					 Development from time to time, and adjusted by family size.
"Board" means the board of directors of the
					 corporation.
"Corporation" means the Hawaii housing finance and
					 development corporation.
"Eligible leaseholder" means a person or family who, at the
					 time of application: '
(1) Is a leaseholder;
(2) Has no present ownership interest in a principal
					 residence at the time of loan closing;
(3) Is at least eighteen years of age;
(4) Does not have annualized gross income that exceeds one
					 hundred twenty per cent of the area median income at the time of
					 application;
(5) Has applied for, and been denied, a loan from one
					 financial institution;
(6) Possesses the financial resources and credit worthiness
					 to repay the loan.
"Executive director" means the executive director of the
					 corporation, or the executive director's designated representative.
"Financial institution" means an institution as defined in
					 chapter
					 412, HRS, 12 U.S.C. §21
					 (national bank) and 12 U.S.C. §1461 (Federal savings and loan association
					 or federal savings bank).
"Government" includes the State and the United States and
					 any political subdivision, agency, or instrumentality, corporate or otherwise,
					 of either of them.
"Guide" means the set of instructions and guidelines, terms
					 and conditions for the origination and servicing of loans made under this
					 chapter. The guide shall be available for public inspection at the principal
					 office of the corporation during the corporation's normal business
					 hours.
"Household" means the leaseholders who dwelled, and
					 continues to dwell, as a family and have been displaced or dispossessed from
					 their home as a result of the continued volcanic eruptions on the Island of
					 Hawaii.
"Leaseholder" means a person who was awarded a lease by the
					 department of land and natural resources for the Kikala-Keokea residential
					 subdivision.
"Program" means the Kikala-Keokea housing revolving fund
					 program.
"Residence" means the dwelling unit which is financed
					 pursuant to this chapter.
"State'' means the State of Hawaii.