HAR §15-308-123. Hardship circumstances required

Except for a natural disaster , the corporation may grant a temporary waiver of the owner occupancy requirement if the applicant is unable to reside on the property temporarily due to the following conditions : ( 1 ) An unforeseeable j ob or military trans fer ; ( 2 ) A temporary educational sabbatical ; ( 3 ) Serious i llness of the person or household member ; or ( 4 ) Other circumstances as determined by the corporation on a case by case basis . [ Eff 1/15/2 2 ; comp DEC 1 0 2022 ] (Auth : HRS §§201H- 4 , 2 01H-4 9 ) ( Imp : HRS §201H- 4 9 ) $15-308-124 Duration of temporary waiver . (a) The corporation may waive the owner occupancy requirement for a total of not more than ten years after the purchase of the dwelling unit . I f the owner does not reoccupy the dwelling unit at the end of the temporary waiver period, the owner shall pay the corporation its share of the net appreciated value of the property in accordance with subchapter 6 , if applicable, and the corporation may repurchase the dwelling unit in accordance with subchapter 5 of this chapter . I f the corporation elects not to repurchase the dwelling unit, the owner shall pay the corporation simple interest on the original cost and capital improvements at the rate of twelve per cent a year until the unit is reoccupied or sold . (b) I f the right to repurchase restriction has expired and only the shared appreciation equity program restriction is applicable , then the owner shall pay the corporation its share of the net appreciated value of the property in accordance with subchapter 6 of this chapter . [Eff 1 / 15/22 ; am and 3 0 8 - 4 8 q I comp (Auth: HRS §§201H-4, 201H-49) (Imp: HRS §15-308-125 Allowable uses of the dwelling unit during the temporary waiver period. During the temporary waiver period, the dwelling unit may be rented or leased, provided that the owner complies with all applicable laws. The amount of monthly rent that may be charged by the owner shall not exceed (1) the corporation's affordable rent guidelines or (2) the owner's monthly mortgage payments for principal, interest, taxes, and applicable payments for mortgage insurance, homeowner association fees, maintenance fees, and lease rent; whichever is greater. The applicant shall submit to the corporation a signed rental agreement. Subletting is not allowed. [Eff 1/15/22; comp DEC 102022 ] (Auth: HRS §§201H- 4, 201H-49) (Imp: HRS §201H-49)