HAR §15-223-47. Applicability

This subchapter applies to all condominium units developed and sold under the program as defined in section 15-223-6. [Eff AUG 24 2025 ] (Auth: HRS §§206E-292, 206E- 283, 206E-284) (Imp: HRS §§206E-283, 206E-284) §15-223-48 Right of first refusal to purchase by the Hawaii community development authority. (a) If an owner wants to sell a condominium unit within five years from the date of the initial purchase of the condominium unit, the Hawaii community development authority shall have the right of first refusal to purchase the condominium unit. (b) For purchase of the condominium unit by the Hawaii community development authority, purchase price shall be determined by the Hawaii community development authority by taking into consideration the original sale price of the condominium unit, Owner's Equivalent Rent of Primary Residence for Urban Hawaii published by the United States Bureau of Labor Statistics, and the cost of any value-added improvements made by the owner of the condominium unit. The following formula shall be utilized to calculate the purchase price: Purchase Price= (Original Sale Price X Owner's Equivalent Rent of Primary Residence Factor) + (Cost of any Value-Added Improvements made by the Owner X Owner's Equivalent Rent of Primary Residence Factor) The Owner's Equivalent Rent of Primary Residence Factor shall be computed as follows: Owner's Equivalent Rent of Primary Residence Factor= Owner's Equivalent Rent of Primary Residence from the month and year of Resale I Annual Owner's Equivalent Rent of Primary Residence from the year of original sale The condominium unit owner shall provide financial documentation acceptable to the executive director indicating the actual cost of any value-added 223-12 §15-223-47 $15-223-47 Applicability. This subchapter applies to all condominium units developed and sold under the program as defined in section 15-223-6. [Eff AUG 2 4 2025 1 (Auth: HRS §§206E-292, 206E- 283, 206E-284) (Imp: HRS §§206E-283, 206E-284) §15-223-48 Right of first refusal to purchase by the Hawaii community development authority. (a) If an owner wants to sell a condominium unit within five years from the date of the initial purchase of the condominium unit, the Hawaii community development authority shall have the right of first refusal to purchase the condominium unit. (b) For purchase of the condominium unit by the Hawaii community development authority, purchase price shall be determined by the Hawaii community development authority by taking into consideration the original sale price of the condominium unit, Owner's Equivalent Rent of Primary Residence for Urban Hawaii published by the United States Bureau of Labor Statistics, and the cost of any value-added improvements made by the owner of the condominium unit. The following formula shall be utilized to calculate the purchase price: Purchase Price = (Original Sale Price X Owner's Equivalent Rent of Primary Residence Factor) + (Cost of any Value-Added Improvements made by the Owner X Owner's Equivalent Rent of Primary Residence Factor) The Owner's Equivalent Rent of Primary Residence Factor shall be computed as follows: Owner's Equivalent Rent of Primary Residence Factor = Owner's Equivalent Rent of Primary Residence from the month and year of Resale I Annual Owner's Equivalent Rent of Primary Residence from the year of original sale The condominium unit owner shall provide financial documentation acceptable to the executive director indicating the actual cost of any value-added 223-12
    §15-223-50 improvements before the cost inclusion in determining the [Eff AUG 2 4 2025 l (Auth: 284) (Imp: HRS §206E-284) can be eligible for purchase price. HRS §§206E-292, 206E- §15-223-49 Resale of the condominium unit. (a) If the Hawaii community development authority does not exercise its right to purchase the condominium unit, the owner of the condominium unit may sell the unit to an eligible buyer as defined in section 15-223-18. When the sale of the condominium unit is to any entity other than the Hawaii community development authority, the former owner shall not qualify for purchase of another condominium unit under the program. (b) Subject to the approval of the executive director, a current owner of a condominium unit may sell the unit to purchase a larger or a smaller condominium unit under the program, provided that the owner can furnish proof that the household size of the owner has increased or decreased respectively, from the time of initial purchase of a condominium unit under the program. [Eff AUG 2 4 2025 ] (Auth: HRS §§206E-292, 206E-283, 206E-284) (Imp: HRS §§206E- 283, 206E-284) §15-223-50 Transfer upon the death of the condominium owner to an heir. (a) Upon the death of the owner of a condominium unit, the condominium unit may be transferred to the deceased's heir by devise or as any other real property under existing law, provided that the deceased's heir qualifies as an eligible buyer. (b) If the deceased's heir does not qualify as an eligible buyer, the deceased's heir shall sell the condominium unit to another eligible buyer as defined in section 15-223-18 within six months from the date of disqualification of the deceased's heir as an eligible buyer as determined by the Hawaii community development authority in its sole discretion. Within five years from the date of initial purchase of the condominium unit, the Hawaii community development 223-13 3603 §15-223-50 improvements before the cost inclusion in determining the [Eff AUG 2 4 2025 l (Auth: 284) (Imp: HRS §206E-284) can be eligible for purchase price. HRS §§206E-292, 206E-