Haw. Code R. § 15-309-2
As used in this chapter:
"Affidavit" means the application to participate in the program.
"Applicant" means the primary person who submits an affidavit to participate in the program.
"Application for relief" means an application to the corporation by a party seeking relief under this chapter.
"Board" means the board of directors of the Hawaii housing finance and development corporation established under chapter 201H, HRS.
"Corporation" means the Hawaii housing finance and development corporation established under chapter 201H, HRS.
"Corporation's equity" means the difference between the original cost of the unit and the price of the unit paid by the qualified purchaser.
"Corporation's equity percentage share" means the percentage determined as: the corporation's equity divided by the value, excluding any options or upgrades, and established prior to closing the purchase of the unit, rounded to the nearest one per cent.
"Dwelling unit revolving fund" means the fund established pursuant to section 201H-191, HRS.
"Dwelling unit revolving fund equity pilot program" or "program" means the program established by Act 92, Session Laws of Hawaii 2023.
"Eligible buyer" means an applicant who:
"Housing development project" means a plan, design, or undertaking by the corporation or an eligible developer for the development of units. "Housing development project" includes all real and personal property, buildings and improvements, commercial spaces, 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 development project.
"Interest rate" means the fixed rate charged on the corporation's equity at one per cent per year, unless otherwise indicated in the qualified purchaser's program agreement.
"Qualified purchaser" means an eligible buyer who meets the criteria of the program for which an affidavit is submitted and has entered into a purchase contract and program agreement.
"Starter unit" means a unit that is designed to meet the basic living capacity requirements of homebuyers with families of limited size by eliminating needless design and space amenities.
"Unit" means:
"Value" means the unencumbered value of a unit, without options and upgrades at the time of purchase or capital improvements made by the purchaser after the property is purchased, as determined by a qualified appraiser.
Haw. Code R. § 15-309-2