[PART I. 
GENERAL PROVISIONS]



 



Revision Note



 



  Part I designation added by revisor.



 



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



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



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



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



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



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



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



"Elderly housing project" means a
housing project that is intended and operated as housing that satisfies the
definition of housing for older persons under 42 United States Code section
3607(b)(2).



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



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



"Government" or "government
agency" includes the State and the United States and any political
subdivision, agency, or instrumentality, corporate or otherwise, of either of
them.



"Household member" means a person
who:



(1)  Is a co-applicant; or



(2)  Will reside in the dwelling unit purchased or
leased 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 or
constructed, and all tangible or intangible assets held or used in connection
with the housing project; and



(2)  May also be applied to the planning of the
buildings and improvements, the acquisition of property by purchase, lease, or
otherwise, the demolition of existing structures, the construction,
reconstruction, alteration, and repair of the improvements, and all other work
in connection therewith.



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



"Mortgage holder" includes the United
States Department of Housing and Urban Development, Federal Housing
Administration, the United States Department of Agriculture, or other federal
or state agency engaged in housing activity, United States Department of
Veterans Affairs, Federal National Mortgage Association, Government National
Mortgage Association, Federal Home Loan Mortgage Corporation, private mortgage
lender, private mortgage insurer, and their successors, grantees, and assigns.



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



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



(2)  Customarily provides service or otherwise aids in
the financing of mortgages on single-family or multifamily residential
property; and



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



"Nonprofit organization" means a corporate
entity, association, or other duly chartered entity that is registered with the
State and has received a written determination from the Internal Revenue
Service that it is exempt under either section 501(c)(3), section 501(c)(4), or
so much of section 501(c)(2) as applied to title holding entities that turn
over their income to organizations that are exempt under either section
501(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 any
bondholders, any lessor demising property to the corporation used in connection
with a housing project, or any assignee or assignees of the lessor's interest
or any part thereof, and the United States, when it is a party to any contract
with the corporation.



"Real property" includes lands, land
under water, structures, and any and all easements, franchises, and incorporeal
hereditaments 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 state
bank or trust company located within or outside the State that enters into a
trust indenture.



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