reglab/statecodes huggingface dataset:
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 5 - REPURCHASE OF DWELLING UNITS SUBJECT TO RESTRICTIONS › Section 15-308-86 - Waiver by corporation of right to repurchase

Current through June, 2024
(a) The
				  corporation may waive the right to repurchase set forth in section
				  201H-47, HRS, if:
(1) The owner wishes to transfer title to the
				  dwelling unit by devise or through the laws of descent to the owner's spouse,
				  child, parent, or sibling and the devisee or heir is otherwise eligible to
				  purchase such a dwelling unit under this chapter;
(2) The purchaser wishes to transfer title to
				  the dwelling unit to the co-owner or a household member who meets the
				  eligibility requirements; or
(3)
				  One of the following conditions exist:
(A)
				  The waiver will not result in the owner being able to sell the dwelling unit
				  for a substantial profit nor promote speculative purchasing or selling of
				  dwelling units to which this subchapter applies and the dwelling unit is sold
				  to a person who is a qualified resident and the owner pays the corporation its
				  percentage share of the net appreciation, if applicable; or
(B) Fiscal considerations will not allow
				  repurchase of the dwelling unit.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 5 - REPURCHASE OF DWELLING UNITS SUBJECT TO RESTRICTIONS › Section 15-308-87 - Release by the corporation of right to purchase

Current through June, 2024
(a) The
				  corporation may release the right to purchase as set forth in section
				  201H-47, HRS, if the property is
				  financed under a federally subsidized mortgage program and when fiscal
				  considerations will not allow the repurchase of the dwelling unit.
(b) The corporation's right to repurchase
				  prescribed in sections
				  201H-47 to
				  201H-51, HRS, shall be
				  automatically extinguished and shall not attach in subsequent transfers of
				  title when a mortgage holder or other party becomes the owner of the dwelling
				  unit pursuant to a mortgage foreclosure, foreclosure under power of sale, or a
				  conveyance in lieu of foreclosure after a foreclosure action is commenced; or
				  when a mortgage is assigned to a federal housing agency. If requested by the
				  owner, the corporation shall at the owner's expense execute a written release
				  in a form which may be recorded.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 5 - REPURCHASE OF DWELLING UNITS SUBJECT TO RESTRICTIONS › Section 15-308-88 - Procedures regarding repurchase by corporation and waiver of right of repurchase

Current through June, 2024
(a) If an owner
				  seeks to transfer a dwelling unit, the owner shall deliver to the corporation
				  by mail, postage prepaid, or in person a certificate of intent to sell, and a
				  capital -improvement computation form as used by the corporation. If the owner
				  seeks a waiver of the corporation's right to repurchase the dwelling unit under
				  section 201H-47(a)(1),
				  HRS, then the owner shall also deliver to the corporation or by mail, postage
				  prepaid, or in person a request for waiver of right of repurchase.
(b) The corporation shall review the
				  certificate of intent to sell, the request for waiver of right of repurchase,
				  or both. The corporation may request any additional information necessary for
				  the review and the owner shall comply with the request. The corporation shall,
				  within sixty days, notify the owner in writing of its decision to either waive
				  the right to repurchase or to repurchase the unit. If the corporation
				  determines that it will repurchase the dwelling unit, the repurchase shall
				  close within ninety days of notification. This time limit, however, may be
				  extended if the homeowner fails to comply with all of the conditions relating
				  to the repurchase procedures, provided that the repurchase price shall remain
				  unchanged.
(c) If the corporation
				  determines that it will either repurchase or allow a qualified nonprofit
				  housing trust to repurchase the dwelling unit, it shall provide a repurchase
				  disclosure sheet to the owner and enter into a repurchase agreement with the
				  owner. All rights and remedies of the corporation in regard to its option to
				  repurchase the dwelling unit shall be preserved notwithstanding the failure of
				  the owner to execute a repurchase agreement.
(d) If the corporation determines that it
				  will waive its rights under section
				  201H-47(a) (1),
				  HRS, then it shall issue to the owner a waiver of rights of repurchase. The
				  waiver shall not be issued to anyone other than the owner.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 5 - REPURCHASE OF DWELLING UNITS SUBJECT TO RESTRICTIONS › Section 15-308-89 - Resale or rental of repurchased dwelling unit

Current through June, 2024
(a)
				  Following the repurchase of a dwelling unit pursuant to this subchapter, the
				  corporation may in its discretion either resell or rent or lease the dwelling
				  unit.
(b) If the corporation
				  resells a repurchased dwelling unit, the sales price shall be determined by the
				  corporation; provided, however, that the sales price shall not exceed the
				  greater of:
(1) The fair market value of the
				  dwelling unit reduced by a reasonable discount representing the decrease in
				  value resulting from the restrictions set forth in sections
				  201H-47 and
				  201H-49, HRS, and the shared
				  appreciation program; or
(2) The
				  price at which the dwelling unit was repurchased by the corporation plus
				  administrative expenses and the sale shall be conditioned on imposition of the
				  restrictions set forth in sections
				  201H-47 and
				  201H-49, HRS, and the shared
				  appreciation program.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 5 - REPURCHASE OF DWELLING UNITS SUBJECT TO RESTRICTIONS › Section 15-308-90 - Repurchase under foreclosure of properties subject to restrictions

Current through June, 2024
The corporation may repurchase a property that is the
					 subject of a mortgage foreclosure or foreclosure under power of sale when the
					 property is encumbered with the right-to-repurchase restrictions set forth in
					 sections 201H-47,
					 201H-49, and
					 201H-51, HRS, and the shared
					 appreciation equity program.
(1) For
				  property encumbered by the restrictions set forth in sections
				  201H-47,
				  201H-49, and
				  201H-51, HRS:
(A) The price may be determined by the
				  guidelines set forth in section
				  15-308-105(a) (1) to
				  (3), or at a price that will enable the
				  corporation to resell the property; or
(B) The corporation may waive its option to
				  purchase the property and shall be entitled to the proceeds remaining in excess
				  of the customary and actual costs and expenses of the foreclosure sale,
				  encumbrances of record, purchaser's costs of improvements and simple annual
				  interest of one per cent on purchaser's original cost and capital
				  improvements.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-101 - Purpose

Current through June, 2024
This subchapter governs the general procedure for the
					 payment to the corporation for its percentage share of the net appreciation
					 upon the transfer or sale of the dwelling unit purchased from the
					 corporation.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-102 - Applicability

Current through June, 2024
This subchapter shall apply to all dwelling units
					 developed, sold, or sponsored by the corporation and for which all restrictions
					 set forth in section 201H-47, HRS, including the
					 right to repurchase restriction are in effect.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-103 - Corporation's percentage share of net appreciation

Current through June, 2024
(a) As the
				  corporation is providing the opportunity for the purchaser to buy a home below
				  fair market value, the purchaser shall pay the corporation its share of the net
				  appreciation when the property is transferred or sold. The appraisal procured
				  by the corporation shall be used to establish the corporation's percentage
				  share at the time of transfer or sale by the following calculation:
Original Fair Market Value minus Purchaser's
Original Base Purchase Price divided by Original Fair
					 Market Value rounded to the nearest one per cent.
Net appreciation is calculated as follows:
(Current Fair Market Value of the dwelling unit as
					 originally purchased excluding any capital improvements by the purchaser
					 subsequent to original purchase) - Purchaser's Original Base Purchase Price -
					 Actual Sales costs incurred, if any. Any shared appreciation equity agreements
					 entered into on or after August 27, 1999 shall not be eligible to deduct sales
					 costs.
(b) The shared
				  appreciation equity program restriction shall be part of the conveyance
				  document for the sale of the dwelling unit recorded in the bureau of
				  conveyances.' Notification of the shared appreciation program restriction as an
				  encumbrance on the property shall be recorded as a separate
				  memorandum.
(c) If the
				  corporation's percentage share of net appreciation is less than one-half of one
				  per cent, the shared appreciation equity program restriction shall not
				  apply.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-104 - Payment due on sale or

Current through June, 2024
(a) The purchaser
				  agrees that upon any sale or transfer, the corporation shall immediately be
				  notified by the owner of the terms and conditions of the sale or transfer.
				  Except for a permitted transfer approved by the corporation, the corporation
				  shall be entitled to be paid its share of the net appreciation on the effective
				  date of the transfer of an amount equal to:
Corporation's Percentage Share multiplied by Net
					 Appreciation as determined in section
					 15-308-103(a).
(b) If the corporation's share is not paid
				  when due, interest on the corporation's share of net appreciation shall accrue
				  at the simple annual rate of twelve per cent per year until paid. The
				  corporation shall also be entitled to be paid the cost of reasonable attorney's
				  fees and costs to enforce the payment of the corporation's percentage share of
				  the net appreciation due.
(c) If
				  the corporation's share is not paid when due as a result of a non-occupancy
				  violation:
(1) The owner shall provide
				  evidence of the effective date of non-occupancy. In the event sufficient
				  evidence is not provided by the owner, the corporation shall make the final
				  determination of the effective date of non-occupancy.
(2) If the owner fails to provide the
				  effective date of non-occupancy, the corporation may commence legal action
				  against the purchaser to pay the shared appreciation equity program amount
				  due.
(3) If a sale occurs after the
				  non-occupancy violation, allowable closing cost shall not be allowed as a
				  deduction in determining the corporation's share of net appreciation
				  due.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-105 - Definition of sale or transfer

Current through June, 2024
For purposes of this subchapter, a sale or transfer means
					 when one of the following occurs:
(1)
				  When ownership interest in the dwelling unit is sold or transferred;
(2) When the dwelling unit is no longer used
				  as the owner's primary residence; or
(3) When the dwelling unit or any part of the
				  dwelling unit is rented to someone else, and the owner has not obtained the
				  corporation's determination that hardship circumstances exist, pursuant to
				  section 201H-49, HRS.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-106 - Permitted transfers

Current through June, 2024
(a) The following
				  permitted transfers shall not result in the corporation's percentage share of
				  the net appreciation becoming due and payable. However, the corporation's
				  consent for the following transfers shall be required:
(1) Creation of a lien or encumbrance which
				  does not affect rights of occupancy provided that the total amount of liens and
				  encumbrances cannot be greater than the sum of eighty per cent of the owner's
				  original purchase price and the owner's share of net appreciation. In the case
				  where a house lot was purchased and the owner contributed his labor to
				  construct the dwelling, the then fair market value of the dwelling shall be
				  included as part of the owner's share of net appreciation. In extreme hardship
				  cases involving health and safety, the corporation may allow up to an
				  additional twenty per cent of the owner's original purchase price and the
				  owner's share of net appreciation provided that the lien or encumbrance would
				  be a loan for capital improvement purposes only;
(2) Transfer by devise, descent, or
				  operation-of law upon the death of a joint tenant or tenant by the
				  entirety;
(3) Transfer to a
				  relative who meets eligibility requirements upon death of owner;
(4) Transfer to spouse or children who meet
				  eligibility requirements;
(5)
				  Transfer due to a property settlement whereby the spouse who meets eligibility
				  requirements becomes owner;
(6)
				  Transfer into an inter vivos trust in which the owners remain the primary
				  beneficiary and does not affect their rights of occupancy; or
(7) Transfer into or from a community land
				  trust or other non-profit organization established to maintain or sustain
				  long-term housing affordability.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-107 - Determination of fair market value

Current through June, 2024
(a) Whenever it is
				  necessary to determine the net appreciation of the property, the corporation
				  shall select an appraiser and order an appraisal of the fair market value of
				  the dwelling unit. The owner shall pay for the cost of the appraisal.
(b) Within ten business days upon receipt of
				  the appraisal, a written copy shall be provided to the owner. Should the owner
				  dispute the appraisal, the owner may obtain a second appraisal at the owner's
				  cost and expense.
(c) If the first
				  appraisal obtained by the corporation is not disputed, that appraisal shall be
				  used to determines the fair market value.
(d) If the owner disputes the first
				  appraisal, the second appraisal ordered by the owner shall be sent to the
				  corporation within the earlier of (1) ten business days upon receipt, or (2)
				  forty-five calendar days after the first appraisal is received from the
				  corporation.
(e) If the second
				  appraisal is lower than the first appraisal, the fair market value used shall
				  be one-half of the sum of the two appraisals.
(f) If the second appraisal is not lower, the
				  corporation's first appraisal shall be used to determine the fair market
				  value.
(g) All appraisals shall be
				  made by a qualified appraiser as defined in this chapter.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-108 - Cancellation of the corporation's share of the net appreciation

Current through June, 2024
(a) The corporation's right to be paid a
				  share of the net appreciation shall constitute a lien on the property until all
				  of the following events have occurred:
(1)
				  The corporation has been fully paid its share of the net appreciation and any
				  other amounts that are due and owing the corporation;
(2) The corporation releases the shared
				  appreciation equity program restriction; and
(3) The release is recorded at the bureau of
				  conveyances by the purchaser.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-109 - Exercise of the right to purchase restriction

Current through June, 2024
In the event the corporation exercises its option to
					 purchase the property, the shared appreciation equity program restriction shall
					 not apply. If the purchaser paid part of or the full payment for the shared
					 appreciation equity program, the corporation shall refund the amount
					 paid.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 6 - SHARED APPRECIATION EQUITY PROGRAM RESTRICTIONS › Section 15-308-110 - Prepayment of corporation's percentage share of net appreciation

Current through June, 2024
(a) The owner may pay all or part of the
				  corporation's share of the net appreciation at any time without a sale or
				  transfer of the dwelling unit.
(b)
				  If only a partial payment is made to the corporation, the owner's original
				  purchase price shall be increased for the purpose of making any later
				  calculation to determine the balance of the corporation's share of the net
				  appreciation.
(c) The minimum
				  amount of partial payment is twenty-five per cent.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-121 - Purpose and applicability

Current through June, 2024
This subchapter is adopted pursuant to chapter
					 91, HRS, and implements section
					 201H-49, HRS, and the shared
					 appreciation equity program pursuant to section
					 201H-47, HRS, which applies to
					 real property, restrictions on its use, and exceptions to those
					 restrictions.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-122 - Application for temporary owner occupancy waiver

Current through June, 2024
When the owner of a unit in any qualified affordable
					 housing project submits an application to the corporation for an exception to
					 the owner occupancy requirement in section
					 201H-49, HRS, the following
					 shall apply:
(1) The applicant shall
				  submit to the corporation a completed temporary owner occupancy waiver form as
				  provided by the corporation;
(2)
				  Along with the temporary waiver form, the applicant shall submit to the
				  corporation the following information:
(A) A
				  cover letter requesting the temporary owner occupancy waiver and which states
				  the length of the temporary waiver period requested, including, but not limited
				  to a letter from a physician, dean, or commanding officer;
(B) A signed Hawaii state income tax return
				  for every year the applicant has occupied the dwelling unit;
(C) Documentation on the monthly mortgage
				  payments the owner is paying; and
(D) Additional documentation necessary for
				  the corporation to verify the hardship circumstance and make a determination on
				  the temporary waiver request.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-123 - Hardship circumstances required

Current through June, 2024
Except for a natural disaster, the corporation may grant a
					 temporary waiver of the owner occupancy requirement if the applicant is unable
					 to reside on the property temporarily due to the following conditions:
(1) An unforeseeable job or military
				  transfer;
(2) A temporary
				  educational sabbatical;
(3) Serious
				  illness of the person or household member; or
(4) Other circumstances as determined by the
				  corporation 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 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-124 - Duration of temporary waiver

Current through June, 2024
(a) The corporation
				  may waive the owner occupancy requirement for a total of not more than ten
				  years after the purchase of the dwelling unit. If the owner does not reoccupy
				  the dwelling unit at the end of the temporary waiver period, the owner shall
				  pay the corporation its share of the net appreciated value of the property in
				  accordance with subchapter
				  6, if applicable, and the corporation
				  may repurchase the dwelling unit in accordance with subchapter
				  5 of this chapter. If the corporation
				  elects not to repurchase the dwelling unit, the owner shall pay the corporation
				  simple interest on the original cost and capital improvements at the rate of
				  twelve per cent a year until the unit is reoccupied or sold.
(b) If the right to repurchase restriction
				  has expired and only the shared appreciation equity program restriction is
				  applicable, then the owner shall pay the corporation its share of the net
				  appreciated value of the property in accordance with subchapter
				  6 of this chapter.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-125 - Allowable uses of the dwelling unit during the temporary waiver period

Current through June, 2024
During the temporary waiver period, the dwelling unit may
					 be rented or leased, provided that the owner complies with all applicable laws.
					 The amount of monthly rent that may be charged by the owner shall not exceed
					 (1) the corporation's affordable rent guidelines or (2) the owner's monthly
					 mortgage payments for principal, interest, taxes, and applicable payments for
					 mortgage insurance, homeowner association fees, maintenance fees, and lease
					 rent; whichever is greater. The applicant shall submit to the corporation a
					 signed rental agreement. Subletting is not allowed.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-126 - Proof of occupancy

Current through June, 2024
A waiver may be granted only to qualified residents who
					 have paid resident state income taxes during all years in which they occupied
					 the dwelling unit. The owner shall continue to pay resident state income taxes
					 during the waiver period. The owner shall submit signed Hawaii state income tax
					 returns for each year of the temporary waiver period.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-127 - Extension of the owner occupancy requirement

Current through June, 2024
The corporation may extend the owner occupancy requirement
					 by one month for every month or fraction thereof that the owner occupancy
					 requirement of section
					 201H-49, HRS, is temporarily
					 waived.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-128 - Recovery of administrative expenses and attorneys' fees

Current through June, 2024
The corporation may recover all relevant administrative
					 expenses and attorneys' fees from the applicant in administering and
					 implementing this subchapter.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-129 - Failure to reoccupy

Current through June, 2024
Failure to reoccupy the dwelling unit by the owner at the
					 end of the temporary waiver period shall be sufficient reason for the
					 corporation, at its option:
(1) To
				  purchase the unit as provided in section
				  201H-47, HRS, as applicable. In
				  this situation, the owner shall not receive more than the maximum to which the
				  owner would be entitled under section
				  201H-47, HRS; or
(2) Demand the full payment for the shared
				  appreciation equity restriction. The corporation has the right to verify the
				  owner's failure to occupy.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 7 - OWNER OCCUPANCY WAIVER PROCEDURES › Section 15-308-130 - Extension of the temporary waiver period

Current through June, 2024
An owner may apply for an extension of the temporary waiver
					 period; provided that the total waiver period shall not exceed ten years;
					 provided further, that application is made at least ninety working days prior
					 to the termination of the initial temporary waiver period.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 8 - PROCEDURES TO IMPLEMENT QUALIFIED RESIDENT PREFERENCES IN THE INITIAL SALE OF MARKET-PRICED DWELLING UNITS › Section 15-308-151 - Announcement; publication

Current through June, 2024
For a period of thirty calendar days, the developer shall
					 publish or cause to be published in the classified section of at least one
					 newspaper published daily in the State and having a general circulation in the
					 county in which the project is located, at least twice a week, or once a week
					 if paired with another form of public notice such as a designated project
					 website or informational meeting, an announcement containing at a minimum a
					 summary of the following information:
(1) The location of the project;
(2) A fair and reasonable estimate of:
(A) The total number of market-priced units
				  to be included in the project;
(B)
				  The price range of the market-priced units;
(C) The approximate size of the market-priced
				  units; and
(D) A designation
				  whether the market-priced units are being sold in fee simple or
				  leasehold.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 8 - PROCEDURES TO IMPLEMENT QUALIFIED RESIDENT PREFERENCES IN THE INITIAL SALE OF MARKET-PRICED DWELLING UNITS › Section 15-308-152 - Designation of residential units

Current through June, 2024
The developer of any housing project containing
					 market-priced residential units shall designate one hundred per cent of such
					 units for sale to prospective owner-occupant "qualified residents" during an
					 initial offering period of thirty calendar days. Thereafter, the developer has
					 the discretion to sell the remaining units to any purchaser.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 8 - PROCEDURES TO IMPLEMENT QUALIFIED RESIDENT PREFERENCES IN THE INITIAL SALE OF MARKET-PRICED DWELLING UNITS › Section 15-308-153 - Reservation list, requirements

Current through June, 2024
(a) During the
				  initial offering period of thirty calendar days, the developer's designated
				  broker shall compile a "qualified resident" reservation list consisting of the
				  names, addresses, and phone numbers of all individuals stating a desire to
				  purchase a market-priced unit contained in the announced project.
(b) The list shall be compiled in the order
				  in which applicants have submitted to the agent a duly executed affidavit that
				  the applicant meets the definition of "qualified resident", agrees to be an
				  owner-occupant for a minimum of 3 65 days and will obtain an owner occupant
				  type of loan and intends to become a purchaser of a market-priced
				  unit.
(c) Any individual who makes
				  any false statement in the affidavit is subject to criminal charges and civil
				  action under the laws of this State. Any individual found to have willfully
				  submitted false information, made misstatements, or withheld important
				  information shall be deemed to be ineligible for the project and disqualified
				  from future corporation-assisted projects, provided that the corporation shall
				  not waive its right to pursue any other recourse provided by law.
(d) The developer shall submit the
				  reservation list together with the executed affidavits to the corporation
				  within ten days of the expiration of the initial thirty day offering period.
				  The corporation will provide the developer with an eligible qualified resident
				  list, which shall list the applicants approved as "qualified residents." The
				  developer shall offer affordable units to the individuals on the eligible
				  qualified resident list as described in section
				  15-308-154.
(e) Sixty days before the close of project
				  sales, the developer shall submit to the corporation a summary of which
				  individuals on the eligible qualified residents list purchased a market rate
				  unit, which did not purchase a market rate unit, and the applicants' reason for
				  not purchasing a unit. From time to time, the corporation may request an
				  updated summary from the developer.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 8 - PROCEDURES TO IMPLEMENT QUALIFIED RESIDENT PREFERENCES IN THE INITIAL SALE OF MARKET-PRICED DWELLING UNITS › Section 15-308-154 - Sale of residential units

Current through June, 2024
(a) The developer
				  shall offer all of the market-priced units to those individuals whose names are
				  on the eligible "qualified resident" list by one of the following means:
(1) In the order in which their names appear
				  on the list;
(2) By the drawing of
				  lots; or
(3) By any other
				  reasonable and fair method as determined by the developer.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 9 - ADMINISTRATION OF CORPORATION LEASES › Section 15-308-171 - Purpose

Current through June, 2024
This subchapter shall govern the general procedures for the
					 administration of corporation-owned leases.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 9 - ADMINISTRATION OF CORPORATION LEASES › Section 15-308-172 - Applicability

Current through June, 2024
This subchapter shall apply to all lots developed and
					 leased by the corporation and designated for lower cost and market housing, and
					 for which lands and funds were used to meet the goals and objectives of
					 providing affordable housing.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 9 - ADMINISTRATION OF CORPORATION LEASES › Section 15-308-173 - Administration of residential leases

Current through June, 2024
(a) The corporation
				  shall review applications submitted by lessees for assignment or transfer of
				  leases and subleases, when applicable.
(b) As applicable, a purchaser of a
				  residential lease shall meet the following eligibility requirements:
(1) The purchaser shall be a qualified
				  resident;
(2) The purchaser shall
				  not be delinquent in any obligation to the State or any county government, and
				  shall not have had a previous contract cancelled due to default;
(3) If the lot is vacant, the purchaser shall
				  demonstrate the financial ability to construct a house within two years of the
				  lease execution date; and
(4) The
				  purchaser shall provide state and federal tax clearances.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 9 - ADMINISTRATION OF CORPORATION LEASES › Section 15-308-174 - General lease provisions

Current through June, 2024
(a) The corporation
				  shall consent to mortgages as stated in the lease.
(b) The corporation's consent shall be
				  required prior to any improvements installed on the land as stated in the
				  lease.
(c) The lessee shall pay for
				  all costs when necessary to determine the lessee's equity in the
				  property.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 9 - ADMINISTRATION OF CORPORATION LEASES › Section 15-308-175 - Extension of fixed rent period or lease term for mortgage purposes

Current through June, 2024
(a) The corporation may extend the fixed rent
				  period or term for mortgage purposes. The corporation may adjust the lease rent
				  for the current fixed periods and the extended period as conditions of allowing
				  the extension.
(b) The extended
				  lease rents shall not be used in the valuation of the purchase of the leased
				  fee interest of the land.
(c) The
				  corporation may charge fees for the extension application. Such fees shall be
				  as presented in §
										15-308-7.
(d) The lessee shall pay for all costs
				  associated with the extension.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 308 - STATE ASSISTED SALES AND LEASE PROGRAM › Subchapter 9 - ADMINISTRATION OF CORPORATION LEASES › Section 15-308-176 - Sale of leased fee interest of the land

Current through June, 2024
(a) The corporation
				  may sell the leased fee interest of the land according to the terms of the
				  lease, or state statutes, as applicable.
(b) The original terms of the lease or
				  revised terms and conditions mutually agreed upon in writing shall be used to
				  value the leased fee interest of the land.
(c) The corporation may sell the leased fee
				  interest of the land for the project, or for individual lots.
(d) The lessee shall pay for all costs to
				  purchase the leased fee interest of the land.
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 15-309-1 - Purpose

Current through June, 2024
The purpose of this chapter is to implement Act 92, Session
					 Laws of Hawaii 2023, which permits the corporation to establish a dwelling unit
					 revolving fund equity pilot program, which shall be funded by the dwelling unit
					 revolving fund, to address the high, unmet demand of for-sale units by Hawaii
					 residents. Under the program, until June 30, 2028, the corporation may purchase
					 equity in for-sale housing development projects, subject to the conditions set
					 forth in Act 92, Session Laws of Hawaii 2023, and this
					 chapter.
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 15-309-3 - Delegation

Current through June, 2024
The corporation delegates to the executive director the
					 authority to implement and carry out the purposes of this
					 chapter.
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 15-309-4 - Fees

Current through June, 2024
The corporation shall have the right to charge reasonable
					 fees for administrative expenses incurred in processing the required real
					 estate documents under this chapter, as provided below. These fees shall be
					 nonrefundable.
Fee Schedule (January 2024)
PURPOSE
AMOUNT CHARGED
1. Calculation of program payoff amount
$250
2. Releases
Release of dwelling unit revolving fund equity
								pilot program
$250
3. Notices
Notice of demand
$250
Notice of non-compliance
$250
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 2 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Section 15-309-8 - General provisions

Current through June, 2024
(a) The corporation
				  may purchase equity in for-sale housing development projects; provided that
				  this equity shall be allocated to specific units within the housing development
				  projects and the price to be paid by each eligible buyer of a unit shall be
				  reduced by the corporation's equity amount for that unit. The corporation's
				  equity shall be allocated to specific units, and the units shall be offered to
				  qualified purchasers prioritized by the corporation.
(a) In determining units to be allocated the
				  corporation's equity, the corporation shall give priority to starter
				  units.
(b) The corporation shall
				  determine the total equity contribution to a housing development project, and
				  the allocation of the corporation's equity to units in the housing development
				  project.
(c) The corporation may
				  partner with a developer of units to implement the program.
(d) The corporation shall enter into an
				  agreement with the developer to purchase equity in specified units of a housing
				  development project. The agreement shall specify the corporation's equity, the
				  units to which the corporation's equity is allocated, and the amount to be paid
				  by eligible buyers factoring in the corporation's equity. The agreement shall
				  be subject to the approval of the board.
(e) The corporation's allocated equity shall
				  be paid to the developer at the time of the closing of the sale of the
				  unit.
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 2 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Section 15-309-9 - Announcement

Current through June, 2024
When marketing units for sale, the developer shall identify
					 units that are part of the:
(1)
				  Location of the units; and
(2)
				  Amount of the corporation's equity and, if applicable, the corporation's equity
				  percentage share, as determined between the developer and
				  corporation.
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 2 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Section 15-309-10 - Information and verification

Current through June, 2024
(a) Eligible buyers
				  interested in participating in the equity pilot program shall submit a
				  completed affidavit to the respective developer or developer's broker and
				  provide information relating to household income, composition, financial
				  condition, and status changes, prior to close of the purchase.
(b) The developer or developer's broker shall
				  compile a list consisting of the names, addresses, and phone numbers of all
				  individuals who have submitted an affidavit to participate in the announced
				  program and shall submit the list to the corporation for review and
				  approval.
(c) The list shall be
				  compiled in the order in which applicants have submitted to the developer or
				  developer's broker a duly executed affidavit that the applicant meets the
				  definition of "eligible buyer" and intends to become a purchaser of a
				  unit.
(d) By signing the affidavit,
				  the applicant certifies that the information provided is complete and accurate.
				  An applicant found to have wilfully submitted false information, made
				  misstatements, or withheld important information shall be deemed to be
				  ineligible; provided that the corporation shall not waive its right to pursue
				  any other recourse provided by law.
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 2 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Section 15-309-11 - Corporation action

Current through June, 2024
The corporation will evaluate the completed affidavits from
					 the developer for acceptance. The corporation may deny the affidavit or defer
					 action and request that additional information be submitted; provided that the
					 applicant shall respond within ten working days, otherwise the corporation will
					 inform the applicant that the affidavit has been denied and the reasons why. If
					 the affidavit is acceptable, the applicant's name shall go on a list of
					 qualified purchasers and the name shall be provided to the
					 developer.
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 2 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Section 15-309-12 - Unit offering

Current through June, 2024
(a) The developer
				  will offer units to the qualified purchaser by one of the following means:
(1) In the order in which the names appear on
				  the list of qualified purchasers provided by the corporation pursuant to
				  section 15-309-10;
(2) By the drawing of lots; or
(3) By any other reasonable and fair method
				  as determined by the developer and approved by the corporation.
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 2 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Section 15-309-13 - Interest on equity

Current through June, 2024
The corporation may charge an interest rate on the
					 corporation's equity, which shall be stated in the agreement with qualified
					 purchasers.
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 2 - DWELLING UNIT REVOLVING FUND EQUITY PILOT PROGRAM › Section 15-309-14 - Repayment of corporation's equity and payment of equity percentage share

Current through June, 2024
(a) Qualified purchasers shall repay the
				  corporation's equity
(1) Any time after
				  financial closing at will of the purchaser;
(2) Upon sale or transfer of the
				  unit;
(3) Prior to expiration of
				  the thirty years from the qualified purchaser's sale closing date;
(4) When the qualified purchaser obtains
				  additional financing or refinances the original mortgage loan including to pay
				  the corporation's net share of appreciation;
(5) When the qualified purchaser no longer
				  uses the unit as the qualified purchaser's principal and physical residence but
				  continues to retain legal or equitable title to the unit, or both;
(6) When the qualified purchaser rents the
				  unit or any part of the unit to someone else but continues to retain legal or
				  equitable title to the unit, or both; or
(7) When the qualified purchaser fails to
				  reoccupy the unit at the end of the temporary waiver
				  period.