Haw. Code R. § 15-308-89 - Resale or rental of repurchased dwelling unit

(a) Following the repurchase of a dwelling unit pursuant to this subchapter, the corporation may in its discretion either resell or rent or lease the dwelling unit.

(b) If the corporation resells a repurchased dwelling unit, the sales price shall be determined by the corporation; provided, however, that the sales price shall not exceed the greater of:

(1) The fair market value of the dwelling unit reduced by a reasonable discount representing the decrease in value resulting from the restrictions set forth in sections 201H-47 and 201H-49, HRS, and the shared appreciation program; or

(2) The price at which the dwelling unit was repurchased by the corporation plus administrative expenses and the sale shall be conditioned on imposition of the restrictions set forth in sections 201H-47 and 201H-49, HRS, and the shared appreciation program.

(c) Resale policies to be followed by the corporation or its designated representative are as follows:

(1) Resales shall be priced to be affordable to meet the incomes of target groups.

(2) A statutorily required time period transfer and use restriction shall be imposed on each resale.

(3) The shared appreciation equity program shall be part of the resale program.

(4) When the number of applicants exceeds the number and type of units available, section 15-308-25 shall apply. After the initial period, the sale of units shall be offered to applicants on the wait list. The applicant shall also meet the original income requirements as determined for the project or unit.

(d) If the corporation rents the new project dwelling unit or repurchased dwelling unit, it shall rent the dwelling unit as provided in subchapter 4.

Notes

Haw. Code R. § 15-308-89

[Eff 1/15/2022] (Auth: HRS § 201H-4) (Imp: HRS §§ 201H-47, 201H-49) Am and comp 12/10/2022