HAR §15-316-2. Definitions

As used in this chapter: "Applicant" means the primary person who submits an affidavit to participate in the rent-to-own program. "Corporation" means the Hawaii housing finance and development corporation. "Executive director" means the executive director employed by the corporation or the executive director's designated representative. "Household" means an individual; or two or more persons who live or intend to live together as a unit and whose income and resources are available to meet the household's need and who may, but need not be, related by blood, marriage, or operation of law, including foster children and hanai children and whose 316-3 head of household has reached the age of majority, or is otherwise legally emancipated. "Gross household income" means the total amount of income of the participant and all adult household members from all sources before deductions. "Homeownership counseling course" means a housing counseling course approved by the corporation and provided by a housing counseling agency certified by the United States Department of Housing and Urban Development to help participants understand and address housing matters, such as financial management, budgeting, credit score and repair, home improvement, mortgage loans and delinquency, predatory lending, home maintenance, homeowner associations and, if applicable, the corporation's homeownership program. "Option period" means a specified period of time established in section 201H-181, HRS, and applied on a project- by-project basis, during which the participant has an exclusive option to purchase the unit being rented in the participant’s rent-to-own program agreement. "Participant" means an eligible applicant or other responsible household member who executes a rent-to-own program or option agreement with the corporation to participate in the rent-to-own program. "Qualified resident" means the same as defined under section 201H-32, HRS. "Rent-to-own program agreement" or "program agreement" means the terms and conditions under which a participant agrees to rent a unit under the rent-to-own program and has an exclusive right to purchase the rented unit during the option period as specified in section 201H-181, HRS. [Eff ] (Auth: HRS §§201H-4, 201H-18l) (Imp: HRS §201H-181)