Haw. Code R. § 15-218-34 - Factors to be used for reserved housing and workforce housing unit sale price determination
(a) The following
factors shall be used in determining the reserved housing and workforce housing
unit respective sale price:
(1) Down payment
amount shall not exceed ten percent of the purchase price;
(2) Maximum allowable monthly housing cost
consisting of mortgage payment including principal and interest, real property
taxes, mortgage insurance premium, and fees and costs required by the bylaws of
a condominium property regime, shall not exceed thirty-three percent of gross
monthly household income;
(3)
Interest rate shall be derived by taking the average of the thirty-year fixed
rate mortgage rates for six consecutive months including the most current rate
published by the Federal Home Loan Mortgage Corporation (Freddie Mac);
and
(4) Unit type and corresponding
factor as provided in section
15-218-19.
(b) Annually within forty-five
days of HUD's update of area median income (AMI) limits, the executive director
shall establish and publish a formula for calculating the applicable sale price
of reserved housing and workforce housing units based on the factors enumerated
in subsection (a).
(c) The maximum
allowable sales price of a reserved housing or a workforce housing unit may be
calculated based on an AMI of no more than one hundred forty percent, provided
that the weighted average sales price of all reserved housing or workforce
housing units in a project shall be the price calculated based on an AMI of no
more than one hundred and twenty percent.
Notes
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