HAR §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. If 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. If 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) If 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 308-48 [Eff 1/15/22; am and comp DEC 1 0 2022 ] (Auth: HRS §§201H- 4, 201H-49) (Imp: HRS §201H-49) [Eff 1/15/2 2 ; am and comp DEC 1 0 2022 ] (Auth : HRS §S201H- 4 , 2 0 1H- 4 9 ) ( Imp : HRS §201H-4 9 )