Section 15-22-185.1 - Affordability criteria(a) The following criteria shall be utilized in determining price and income equivalencies of units for sale: (1) Down payment amount shall not exceed ten per cent;(2) Monthly payments, which consist of principal and interest, real property taxes, insurance, and fees and costs required by the bylaws of a condominium property regime, shall not exceed thirty-three per cent of gross monthly income; and(3) Interest rate shall be derived by taking the past six-months average of the interest rate on thirty year fixed rate mortgages less one-half of one per cent.(b) The following criteria shall be utilized in determining price and income equivalencies of units for rent: monthly payments, which consist of rent, all utilities and other building operating costs, excluding telephone and cable television service, shall not exceed thirty per cent of the renter's gross monthly income.(c) Monthly payment and qualification requirements set forth in this chapter for the rental of reserved housing shall be regulated for a minimum period of fifteen years.Haw. Code R. § 15-22-185.1
[Eff 8/4/95] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)]