Haw. Code R. § 15-308-24 - Eligibility for former owners in corporation sponsored projects
A former owner of a lower cost housing unit may apply to purchase another lower cost housing unit under the following conditions:
(1) If the former owner is released from
title and wishes to apply again, the former owner shall show that no profit was
made on the sale of the first affordable unit, and that the unit was sold to a
qualified resident meeting corporation income and asset requirements, and at a
restricted price approved by the corporation.
(2) In the event the corporation does not
repurchase the unit offered, the owner shall sell the unit at a restricted
price. The unit shall remain affordable and sold to a qualified resident whose
income does not exceed one hundred forty per cent of the area median
income.
Notes
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