PART III. RESERVED HOUSING LOAN PROGRAMS

 

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

"Authority" means the Hawaiicommunity development authority.

"Eligible borrower" means any personor 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 byrules adopted by the authority.

"Eligible loan" means a loan to aneligible borrower for the purchase of a reserved housing unit; provided thatthe property financed is located in the community development district, is andwill 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 loanassociation, building and loan association, mortgage banker, credit union,insurance company, or any other financial institution, or a holding company forany of the foregoing, which:

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

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

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

"Reserved housing" means housing designatedfor residents in the low- or moderate-income ranges who meet such eligibilityrequirements as the authority may adopt by rule.

"Reserved housing loan programs"includes all or any part of the loan to lenders program, the purchase ofexisting loans program, the advance commitments program, and the eligible loanand 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 thereserved housing loan programs under this part.

"Trustee" means a national or statebank or trust company within or without the State which enters into a trustindenture.

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