Section 15-218-42 - Deferral of first option to purchase and equity sharingThe authority may defer its first option to purchase and equity sharing in the following instances:
(1) Transfer by devise, descent, or operation of law upon the death of a joint tenant or tenant by entirety;(2) Transfer to a relative who meets eligibility requirements upon death of the purchaser;(3) Transfer to spouse or children who meet eligibility requirements;(4) Transfer due to a property settlement whereby the spouse who meets eligibility requirements becomes the owner;(5) Transfer into an inter vivos trust in which the purchasers remain the primary beneficiary and does not affect their rights of occupancy; and(6) Transfer into a community land trust or other non-profit organization established to maintain or sustain long-term housing affordability. [Eff 11/11/11; am and comp 6/25/2021] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)