Definitions

The following words or terms as used in this part shall have the following meanings, unless a different meaning clearly appears from the context: "Authority" means the Hawaii community development authority. "Eligible borrower" means any person or family, irrespective of race, creed, national origin, or sex, who: (1) Has never before obtained a loan under this part; and (2) Meets other qualifications as established by rules adopted by the authority. "Eligible loan" means a loan to an eligible borrower for the purchase of a reserved housing unit; provided that the property financed is located in the community development district, is and will be occupied as the principal place of residence by the eligible borrower, and meets other requirements as established by rules adopted by the authority. "Mortgage lender" means any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker, credit union, insurance company, or any other financial institution, or a holding company for any of the foregoing, which: (1) Is authorized to do business in the State; (2) Customarily provides service or otherwise aids in the financing of mortgages on single family or multi-family residential property; and (3) Is a financial institution whose accounts are federally insured, or is an institution which is an approved mortgagee for the Federal Housing Administration, or is an approved lender for the Department of Veterans Affairs or the United States Department of Agriculture, or is an approved mortgage loan servicer for the Federal National Mortgage Association or the Federal Home Mortgage Corporation. "Reserved housing" means housing designated for residents in the low- or moderate-income ranges who meet such eligibility requirements as the authority may adopt by rule. "Reserved housing loan programs" includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan and eligible project loan funding program authorized under this part. "Revenue bonds" means bonds, notes, or other evidence of indebtedness of the authority issued to finance any of the reserved housing loan programs under this part. "Trustee" means a national or state bank or trust company within or without the State which enters into a trust indenture. "Trust indenture" means an agreement by and between the authority and the trustee, which sets forth the duties of the trustee with respect to the revenue bonds, the security therefor, and other provisions as deemed necessary or convenient by the authority to secure the revenue bonds.