[PART I. GENERAL PROVISIONS]

 

Revision Note

 

  Part I designation added by revisor.

 

§201H-1  Definitions.  The followingterms, wherever used or referred to in this chapter, shall have the followingrespective meanings, unless a different meaning clearly appears from thecontext:

"Board" means the board of directorsof the Hawaii housing finance and development corporation.

"Bonds" means any bonds, interimcertificates, notes, debentures, participation certificates, pass-throughcertificates, mortgage-backed obligations, or other evidences of indebtednessof the corporation issued pursuant to this chapter.

"Community facilities" include realand personal property; buildings, equipment, lands, and grounds forrecreational or social assemblies, or educational, health, or welfare purposes;and necessary or convenient utilities, when designed primarily for the benefitand use of the corporation or the occupants of the dwelling.

"Contract" means any agreement of thecorporation with an obligee or a trustee for the obligee, whether contained ina resolution, trust indenture, mortgage, lease, bond, or other instrument.

"Corporation" means the Hawaii housing finance and development corporation.

"Dwelling", "dwellingunit", or "unit" means any structure or room for sale, lease, orrent, that provides shelter.

"Elderly housing project" means ahousing project that is intended and operated as housing that satisfies thedefinition of housing for older persons under 42 United States Code section3607(b)(2).

"Executive director" means theexecutive director of the Hawaii housing finance and development corporation.

"Federal government" includes theUnited States and any agency or instrumentality, corporate or otherwise, of theUnited States.

"Government" or "governmentagency" includes the State and the United States and any politicalsubdivision, agency, or instrumentality, corporate or otherwise, of either ofthem.

"Household member" means a personwho:

(1)  Is a co-applicant; or

(2)  Will reside in the dwelling unit purchased orleased from the corporation.

"Housing project" or"project":

(1)  Includes all real and personal property,buildings and improvements, commercial spaces, lands for farming and gardening,and community facilities acquired or constructed or to be acquired orconstructed, and all tangible or intangible assets held or used in connectionwith the housing project; and

(2)  May also be applied to the planning of thebuildings and improvements, the acquisition of property by purchase, lease, orotherwise, the demolition of existing structures, the construction,reconstruction, alteration, and repair of the improvements, and all other workin connection therewith.

"Land" or "property"includes vacant land or land with site improvements, whether partially orentirely finished in accordance with governmental subdivision standards, orwith complete dwellings.

"Mortgage holder" includes the UnitedStates Department of Housing and Urban Development, Federal HousingAdministration, the United States Department of Agriculture, or other federalor state agency engaged in housing activity, United States Department ofVeterans Affairs, Federal National Mortgage Association, Government NationalMortgage Association, Federal Home Loan Mortgage Corporation, private mortgagelender, private mortgage insurer, and their successors, grantees, and assigns.

"Mortgage lender" means any bank,trust company, savings bank, national banking association, savings and loanassociation, building and loan association, mortgage banker, credit union,insurance company, or any other financial institution, or a holding company forany of the foregoing, that:

(1)  Is authorized to do business in the State;

(2)  Customarily provides service or otherwise aids inthe financing of mortgages on single-family or multifamily residentialproperty; and

(3)  Is a financial institution whose accounts arefederally insured or is an institution that is an approved mortgagee for theFederal Housing Administration, an approved lender for the United StatesDepartment of Veterans Affairs or the United States Department of Agriculture,or an approved mortgage loan servicer for the Federal National MortgageAssociation or the Federal Home Loan Mortgage Corporation.

"Nonprofit organization" means a corporateentity, association, or other duly chartered entity that is registered with theState and has received a written determination from the Internal RevenueService that it is exempt under either section 501(c)(3), section 501(c)(4), orso much of section 501(c)(2) as applied to title holding entities that turnover their income to organizations that are exempt under either section501(c)(3) or 501(c)(4), of the Internal Revenue Code of 1986, as amended.

"Obligee of the corporation" or"obligee" includes any bondholder, trustee or trustees for anybondholders, any lessor demising property to the corporation used in connectionwith a housing project, or any assignee or assignees of the lessor's interestor any part thereof, and the United States, when it is a party to any contractwith the corporation.

"Real property" includes lands, landunder water, structures, and any and all easements, franchises, and incorporealhereditaments and every estate and right therein, legal and equitable,including terms for years and liens by way of judgment, mortgage, or otherwise.

"Trustee" means a national or statebank or trust company located within or outside the State that enters into atrust indenture.

"Trust indenture" means an agreementby and between the corporation and the trustee, which sets forth the duties ofthe trustee with respect to the bonds, the security therefor, and otherprovisions as deemed necessary or convenient by the corporation to secure thebonds. [L 2005, c 196, pt of §20; am L 2006, c 180, §6; am L 2007, c 249, §40]