Haw. Code R. § 15-165-12 - Commitment of funds

(a) The corporation may commit the proceeds from the issuance and sale of securities to fund housing loan programs for projects or developments, including specific projects or developments in which the corporation is the developer or an eligible developer together with the corporation are the developers, and for housing loan programs providing spot mortgage loan financing.

(b) As a condition for a commitment of funds for any housing loan program for a specific project or development, the corporation may require the eligible developer to establish a reserve fund with the eligible developer's own funds to cover interest costs of the corporation's securities. The corporation shall establish the term during which such reserve fund must be maintained. After the term expires, any funds remaining in the reserve fund shall be returned to the eligible developer. All interest or other income earned from the reserve fund shall belong to the corporation. The corporation shall apply such interest or other income in furtherance of the corporation's housing loan programs.

Notes

Haw. Code R. § 15-165-12

[Eff OCT 25 1999] (Auth: HRS § 2016-4, 2016-243) (Imp: HRS § 2016-242)