Haw. Code R. § 15-308-85 - Determination of repurchase price for purchases subject to restrictions
(a) If the corporation repurchases a dwelling
unit pursuant to section
201H-47(a)(1),
HRS, the repurchase price shall be determined as follows:
(1) The price at which the dwelling unit was
originally purchased plus interest credit subsidies, if any, to be recaptured
for federally subsidized mortgages; provided that when land only is purchased
and the purchaser provides his or her labor to construct the dwelling unit, the
fair market value of the dwelling provided by appraisal for the purposes of
qualifying for the first mortgage or by appraisal obtained by the corporation
plus the original purchase price of the land shall be used to determine the
original purchase price;
(2) The
cost of improvements to the dwelling unit added by the owner after the original
purchase, provided that the owner shall furnish financial documentation
indicating the actual cost of improvements in a form deemed acceptable by the
corporation in its sole discretion; and
(3) Simple interest at the rate of one per
cent per year on the purchaser's original cost and capital
improvements.
(b) If the
corporation has assigned its repurchase rights to the dwelling unit to a
qualified nonprofit housing trust, the corporation shall determine the
repurchase price using the same methodology as provided in subsection
(a).
(c) Any dwelling unit
repurchased by the corporation or qualified nonprofit housing trust under this
subchapter shall be in resalable condition; or, in the alternative, the
estimated expense required to restore the dwelling unit to resalable condition
shall constitute a reduction of the repurchase price to be paid by the
corporation or qualified nonprofit housing trust, as applicable, provided,
however, that no reduction shall be made for the estimated expense to repair a
substantial soil or construction defect as defined in section
201H-51, HRS.
(d) The corporation shall notify the seller
of the seller's right to recourse under chapter
15-300, in the event that there is a
disagreement on the repurchase price determined by the corporation.
Notes
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