Haw. Code R. § 15-165-4

Current through November, 2024

Section 15-165-4 - Definitions

(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

(2) A qualified sponsor of an affordable housing project.

"Eligible developer" means an individual, partnership, corporation or public agency which the board has determined (1) to be qualified by experience and financial responsibility and support to construct housing of the type described and of the magnitude encompassed by a given project or development; (2) to have submitted plans for a development adequately meeting the objectives of chapter 201 G, HRS, the maintenance of aesthetic values in the locale of the project or development, and the requirements of all applicable environmental statutes and rules; and (3) to meet all other requirements that the corporation deems to be just and reasonable, and all other requirements provided in these rules.

"Eligible housing project" means a project principally targeted to meeting the housing needs of persons or families earning up to one hundred forty per cent of the area median income as determined by the United States Department of Housing and Urban Development, and which meets other requirements as set forth in the procedural guide established by the corporation.

"Eligible loan" or "loan" means:

(1) A loan to an eligible borrower for the purchase of a housing unit, including a condominium unit; provided that the property financed is located in the State, will be occupied as the principal place of residence by the eligible borrower. An eligible loan includes a first mortgage loan which, unless otherwise expressly waived by the board, is insured by a mortgage insurer acceptable to the corporation and which has been made to an eligible borrower; or

(2) An interim or permanent loan, which may be federally insured or guaranteed, made to a qualified sponsor for the financing of an eligible housing project.

"Governor" means the duly elected governor of the State of Hawaii whose office was created by Article V of the Constitution of the State of Hawaii.

"HRS" means the Hawaii Revised Statutes, as amended.

"Mortgage originator" means a mortgage lender who originates mortgage loans, which will be closed in the name of the corporation, as the mortgage lender.

"Mortgage servicer" means an institution approved by the corporation to service mortgages made or purchased by the corporation. The mortgage servicer will perform the obligations described in a mortgage servicing agreement in a manner which protects the corporation's interests.

"Project" or "housing project" means a plan, design, or undertaking by the corporation or an eligible developer for the development of dwelling units, and includes all real and personal property, buildings and improvements, commercial space, lands for farming and gardening, community facilities acquired or constructed or to be acquired or constructed, and all tangible or intangible assets held or used in connection with the housing project.

"Qualified sponsor" means qualified sponsor as defined in part III, chapter 2016, HRS, and who is determined by the corporation to have articles of incorporation or comparable documents of organization or a written agreement with the corporation which, in addition to other requirements of law, provides that if the person or entity receives an eligible project loan from the corporation as provided for in part III, chapter 2016, HRS, it shall be authorized to enter into an agreement with the corporation, providing for regulations with respect to rents, profits, dividends, and dispositions of property or franchises.

"Rules" means these rules.

"State" means State of Hawaii.

Haw. Code R. § 15-165-4

[Eff OCT 25 1999] (Auth: HRS § 2016-4, 2016-243) (Imp: HRS § 2016-241)