(a) Priority for affordable units marketed
and sold under this chapter shall be for first-time homebuyers who require the
assistance of programs under chapter
201H, HRS, to purchase their home. A
first-time homebuyer who intends to purchase a unit developed or sold under
this chapter with cash does not require the assistance of programs under
chapter 201H, HRS, to
become a homeowner.
(b) An
applicant shall be eligible to purchase a dwelling unit developed under this
chapter if the applicant meets all of the following requirements:
(1) Is a first-time homebuyer or qualified
resident who is domiciled in the State and meets other qualifications set forth
under section 201H-32, HRS;
(2) Does not have a household income
exceeding the corporation-established project income limits, or one hundred
forty per cent of the area median income as determined by HUD, as adjusted by
family size, whichever is lower;
(3) Has household assets for initial deposit
and down payment. Gift funds to assist in the down payment for purchase of the
dwelling unit shall not exceed thirty-five per cent of the purchase price and
must be received from a relative as defined according to Fannie Mae or Freddie
Mac guidelines, as may be amended, in United States currency; and
(4) Has not previously received assistance
under a homeownership program designed and implemented under this chapter by
the corporation or any of the counties in the State. However, the corporation
may on an individual basis, allow a person who previously purchased a dwelling
sponsored or assisted by the corporation or any of the counties to reapply,
provided that
(A) The corporation, the county,
or a qualified nonprofit housing trust repurchased the dwelling unit;
or
(B) The applicant is still
living in the unit subject to section
201H-47, HRS; and there has been
a significant increase in household size.
An applicant may become eligible again if the sale of such
person's first dwelling was caused by extreme hardship such as family death,
divorce, loss of employment, or a disability, and the dwelling was repurchased
by the corporation or the county.
Provided further that in the case of divorce, where one
spouse retains ownership of the dwelling unit, the other spouse may become
eligible one year after the final divorce decree to reapply for a dwelling unit
sponsored or assisted by the corporation or the county. An applicant may become
eligible again if the applicant is still living in the previously restricted
unit subject to section
201H-47, HRS, applies for a new
affordable unit, and sells the currently owned dwelling unit to a qualified
resident meeting corporation income requirements at a restricted price approved
by the corporation.
Notes
Haw. Code R. §
15-308-22
[Eff
1/15/2022] (Auth: HRS §§
201H-4,
201H-151,
201H-33)
(Imp: HRS §§
201H-1,
201H-151,
201H-162)
Am and comp
12/10/2022
