HAR §15-308-121. Purpose and applicability

This subchapter is adopted pursuant to chapter 91, HRS, and implements section 201H-49, HRS, and the shared appreciation equity program pursuant to section 201H- 47, HRS, which applies to 1 property, restrictions on its use, and exceptiod~ to those restrictions. [Eff 1/15/22; comp DEC 1 0 2022 ] (Auth: HRS §§201H- 4, 201H-47, 201H-49) (Imp':' HRS §§201H-47, 201H-49) §15-308-122 Application for temporary owner occupancy waiver. When the owner of a unit in any qualified affordable housing project submits an its option to purchase the property, the shared appreciation equity program restriction shall not apply . If the purchaser paid part of or the full payment for the shared appreciation equity program, the corporation shall refund the amount paid . [Eff 1 / 15 /2 2 ; comp DEC 1 0 2022 ] (Auth : HRS §201H- 4 ) ( Imp : HRS §201H- 4 7 ) §15-308-110 Prepayment of corporation ' s percentage share of net appreciation . ( a ) The owner may pay all or part of the corporation ' s share of the net appreciation at any time without a sale or transfer of the dwelling unit . (b) I f only a partial payment is made to the corporation, the owner ' s original purchase price shall be increased for the purpose of making any later calculation to determine the balance of the corporation ' s share of the net appreciation . ( c ) The minimum amount of partial payment is twenty-five per cent . [Eff 1/15/2 2 ; comp DEC 1 O 2022 ] (Auth : HRS §2 01H-4 ) ( Imp : HRS §2 01H- 4 7 ) SUBCHAPTER 7 OWNER OCCUPANCY WAIVER PROCEDURES $15-308-121 Purpose and applicability . This subchapter is adopted pursuant to chapter 91 , HRS , and implements section 2 01H-4 9 , HRS , and the shared appreciation equity program pursuant to section 2 0 1H­ 4 7 , HRS , which applies to real property, restrictions on its use , and exceptions to those restrictions . [Eff 1 / 15/2 2 ; comp DEC 1 .0 2022 l (Auth : HRS §S2 01H­ 4 , 201H-47 , 201H-4 9 ) ( Imp: HRS SS2 01H- 4 7 , 201H-4 9 ) S15-308-122 Application for temporary owner occupancy waiver . When the owner of a unit in any qualified affordable housing proj ect submits an 3 0 8 - 4 6  I application to the corporation for an exception to the owner occupancy requirement in section 201H-49, HRS, the following shall apply: (1) The applicant shall submit to the corporation a completed temporary owner occupancy waiver form as provided by the corporation; (2) Along with the temporary waiver form, the applicant shall submit to the corporation the following information: (A) A cover letter requesting the temporary owner occupancy waiver and which states the length of the temporary waiver period requested, including, but not limited to a letter from a physician, dean, or commanding officer; (B) A signed Hawaii state income tax return for every year the applicant has occupied the dwelling unit; (C) Documentation on the monthly mortgage payments the owner is paying; and (D) Additional documentation necessary for the corporation to verify the hardship circumstance and make a determination on the temporary waiver request. (3) Upon receipt, the staff of the corporation shall time stamp the application. (A) If the owner's temporary waiver request is found to be valid under this chapter, the staff shall issue written notification of that determination to the applicant within sixty working days thereafter. (B) If the owner's temporary waiver request is found to be invalid under this chapter, the staff shall, within sixty working days of receipt, so notify the applicant, along with the reason or reasons that the temporary waiver request is denied. 308-47 I I application to the corporation for an exception to the owner occupancy requirement in section 201H-4 9 , HRS , the following shall apply : ( 1 ) The applicant shall submit to the corporation a completed temporary owner occupancy waiver form as provided by the corporation; ( 2 ) Along with the temporary waiver form, the applicant shall submit to the corporation the following information : ( A) A cover letter requesting the temporary owner occupancy waiver and which states the length of the temporary waiver period requested, including, but not limited to a letter from a physician, dean, or commanding officer ; ( B) A signed Hawaii state income tax return for every year the applicant has occupied the dwelling uni t ; (C) Documentation on the monthly mortgage payments the owner is paying ; and (D) Additional documentation necessary for the corporation to verify the hardship circumstance and make a determination on the temporary waiver request . ( 3 ) Upon receipt , the staff of the corporation shall time stamp the application . ( A) If the owner ' s temporary waiver request is found to be valid under this chapter, the staff shall issue written notification of that determination to the applicant within sixty working days thereafter . (B) If the owner ' s temporary waiver request is found to be invalid under this chapter, the staff shall , within sixty working days of receipt , so notify the applicant , along with the reason or reasons that the temporary waiver request is denied . 3 0 8 - 4 7 [Eff 1/15/22; am and comp DEC 1 0 2022 ] (Auth: HRS §§201H- 4, 201H-49) (Imp: HRS §201H-49)