PART III. 
RESERVED HOUSING LOAN PROGRAMS



 



§206E-101  Definitions.  The following
words or terms as used in this part shall have the following meanings, unless a
different meaning clearly appears from the context:



"Authority" means the Hawaii
community development authority.



"Eligible borrower" means any person
or family, irrespective of race, creed, national origin, or sex, who:



(1)  Has never before obtained a loan under this part;
and



(2)  Meets other qualifications as established by
rules adopted by the authority.



"Eligible loan" means a loan to an
eligible borrower for the purchase of a reserved housing unit; provided that
the property financed is located in the community development district, is and
will be occupied as the principal place of residence by the eligible borrower,
and meets other requirements as established by rules adopted by the authority.



"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, which:



(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 multi-family residential
property; and



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



"Reserved housing" means housing designated
for residents in the low- or moderate-income ranges who meet such eligibility
requirements as the authority may adopt by rule.



"Reserved housing loan programs"
includes all or any part of the loan to lenders program, the purchase of
existing loans program, the advance commitments program, and the eligible loan
and eligible project loan funding program authorized under this part.



"Revenue bonds" means bonds, notes,
or other evidence of indebtedness of the authority issued to finance any of the
reserved housing loan programs under this part.



"Trustee" means a national or state
bank or trust company within or without the State which enters into a trust
indenture.



"Trust indenture" means an agreement
by and between the authority and the trustee, which sets forth the duties of
the trustee with respect to the revenue bonds, the security therefor, and other
provisions as deemed necessary or convenient by the authority to secure the
revenue bonds. [L 1982, c 228, pt of §8; am L 1997, c 258, §12]