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 2 - ELIGIBILITY AND PREFERENCES TO PURCHASE AFFORDABLE DWELLING UNITS › Section 15-308-22 - Eligibility

Current through June, 2024
(a) Priority for affordable units marketed
				  and sold under this chapter shall be for first-time homebuyers who require the
				  assistance of programs under chapter
				  201H, HRS, to purchase their home. A
				  first-time homebuyer who intends to purchase a unit developed or sold under
				  this chapter with cash does not require the assistance of programs under
				  chapter 201H, HRS, to
				  become a homeowner.
(b) An
				  applicant shall be eligible to purchase a dwelling unit developed under this
				  chapter if the applicant meets all of the following requirements:
(1) Is a first-time homebuyer or qualified
				  resident who is domiciled in the State and meets other qualifications set forth
				  under section 201H-32, HRS;
(2) Does not have a household income
				  exceeding the corporation-established project income limits, or one hundred
				  forty per cent of the area median income as determined by HUD, as adjusted by
				  family size, whichever is lower;
(3) Has household assets for initial deposit
				  and down payment. Gift funds to assist in the down payment for purchase of the
				  dwelling unit shall not exceed thirty-five per cent of the purchase price and
				  must be received from a relative as defined according to Fannie Mae or Freddie
				  Mac guidelines, as may be amended, in United States currency; and
(4) Has not previously received assistance
				  under a homeownership program designed and implemented under this chapter by
				  the corporation or any of the counties in the State. However, the corporation
				  may on an individual basis, allow a person who previously purchased a dwelling
				  sponsored or assisted by the corporation or any of the counties to reapply,
				  provided that
(A) The corporation, the county,
				  or a qualified nonprofit housing trust repurchased the dwelling unit;
				  or
(B) The applicant is still
				  living in the unit subject to section
				  201H-47, HRS; and there has been
				  a significant increase in household size.
An applicant may become eligible again if the sale of such
					 person's first dwelling was caused by extreme hardship such as family death,
					 divorce, loss of employment, or a disability, and the dwelling was repurchased
					 by the corporation or the county.
Provided further that in the case of divorce, where one
					 spouse retains ownership of the dwelling unit, the other spouse may become
					 eligible one year after the final divorce decree to reapply for a dwelling unit
					 sponsored or assisted by the corporation or the county. An applicant may become
					 eligible again if the applicant is still living in the previously restricted
					 unit subject to section
					 201H-47, HRS, applies for a new
					 affordable unit, and sells the currently owned dwelling unit to a qualified
					 resident meeting corporation income requirements at a restricted price approved
					 by the corporation.