HAR §15-314-33. Process and procedure

(a) The corporation shall notify all mortgage lenders of its intent to issue bonds no later than thirty days in advance of the anticipated sale date of the bonds. The notification shall be posted to the corporation's website. (b) The allocation of available funds shall 1 be based upon the order in which the corporation receives the qualified requests. Each complete qualified request received by the corporation shall be date- and time-stamped to chronologically prioritize the allocation of funds. (c) The corporation may determine the allocation between single family dwellings and condominium units by the total dollar amount. Mortgage fund reservations for new construction projects shall be approved by the corporation prior to the making of such reservations by mortgage lenders. The method of allocation or mortgage fund reservation shall be posted to the corporation's website and is subject to change at the discretion of the corporation. (d) It shall be prohibited practice to utilize an eligible loan to: (1) Convert an agreement of sale to a permanent mortgage; or (2) Refinance an existing mortgage loan. (e) The corporation shall prescribe the form of application for an eligible loan, which the eligible borrower shall complete in accordance with the terms and conditions set forth in the guidelines published on the corporation's website. Evaluation by the mortgage lender of each loan applicant's creditworthiness shall be done on a case-by-case basis. 314-10 §15-314-33 (G) Points that are paid by the eligible borrower (but not the seller, even though borne by the eligible borrower through a higher purchase price); or (H) Other costs of financing the dwelling unit, but only in cases to the extent that the amount does not exceed the usual and reasonable costs, which would be paid by the eligible borrower where financing is not provided through the use of tax­ exempt bonds; and (2) The cost of land, which has been owned by the mortgagor for at least two years prior to the date that construction of the dwelling unit begins. [Eff MAY 2 3 2025 1 (Auth: HRS §§201H-93, 201H-94, 201H- 97) (Imp: HRS §§201H-94, 201H-106)