Hawaii · statute · Haw. Rev. Stat. ch. 514D · 16 active provisions
As used in this chapter, unless the context clearly requires otherwise: "Authority" means the Hawaii green infrastructure authority as established under section 196-63. "Community development financial institution" means an entity certified as a community development financial institution by the United States Departmen…
In addition to any other powers authorized by law, the authority may: (1) Contract with any community development financial institution for services, including servicing or administering loans pursuant to this part; and (2) Adopt rules pursuant to chapter 91 to effectuate this chapter, including but not limited to rule…
There is established within the authority the condominium loan program to provide qualified condominium associations with low-cost financing, or refinancing for loans previously obtained, for maintenance or repair projects in accordance with this part.
(a) There is established in the state treasury the condominium loan revolving fund, into which shall be deposited: (1) Moneys received as repayment of loans and interest payments as provided in this chapter; (2) Appropriations made by the legislature to the condominium loan revolving fund; and (3) All interest and inve…
(a) Loans under this chapter shall be for financing, or refinancing previous loans that were used for, the following maintenance or repairs in a condominium project: (1) Installing, repairing, or replacing fire sprinklers or other fire safety measures; (2) Repairing or replacing the pipes; (3) Repairing or replacing th…
The authority may make loans directly to a condominium association that has: (1) Received at least one letter from a financial institution declining its eligibility for a loan to address maintenance or insurance coverage issues; and (2) Obtained full replacement property and hurricane insurance coverage or intends to d…
The authority shall submit a report to the legislature no later than twenty days prior to the convening of each regular session that details the progress of the condominium loan program, aggregate data on the loans issued under this part, and the balance of the condominium loan revolving fund.
The authority may accept gifts, grants, and donations from any source for the purposes of this chapter.
(a) There is established within the authority the condominium loan loss reserves program to incentivize community development financial institutions, in accordance with this part, to provide loans at competitive rates and terms to condominium associations for the purpose of allowing condominium associations to perform…
(a) To participate in the condominium loan loss reserves program, an eligible community development financial institution shall enter into a participation agreement with the authority that sets out the terms and conditions under which the authority will make contributions to the community development financial institut…
(a) Except as otherwise provided by this chapter, the authority shall determine the recipient, amount, or interest rate of a loan under this part or the fees or other requirements related to the loan. (b) To qualify as a loan under this part, a loan shall: (1) Be made to a condominium association that has: (A) Received…
The maximum aggregate amount the authority may retain on deposit in a reserve account shall not exceed five per cent of the aggregate outstanding principal balance of enrolled loans. On a regular basis, no less than annually, the authority shall withdraw from a reserve account the amounts in excess of the limit and dep…
(a) All of the money in a reserve account established under this part shall be the property of the State. (b) The State shall be entitled to earn interest on the amount of contributions made by the authority, borrower, and participating community development financial institution to a reserve account under this part. O…
A participating community development financial institution shall submit an annual report to the authority. The report shall: (1) Provide information regarding outstanding principal balances of the loans under this part, loan losses, and any other information on loans under this part the authority considers appropriate…
(a) The authority shall submit to the legislature an annual status report on the condominium loan loss reserves program's activities. (b) The condominium loan revolving fund shall be audited at least annually by a firm of independent certified public accountants selected by the authority and provide the results of the…
The State shall not be liable to a participating community development financial institution for payment of the principal, interest, or any late charges on a loan made by a participating community development financial institution to a qualified condominium association under this part.