Section 15-165-11 - Housing loan programs(a) The proceeds from the issuance and sale of securities to fund housing loan programs which the board has authorized and approved pursuant to section 2016-243, HRS, may be used to enable the corporation to:(1) purchase eligible loans from one or more mortgage lenders; and(2) make eligible loans which have been originated by one or more mortgage lenders which have been or will be made to enable eligible borrowers to finance the purchase of a home in a specific project or development for which the developer is: (B) an eligible developer together with the corporation; or(C) an eligible developer.(b) With the approval of the board, a portion of the proceeds from the issuance and sale of securities may also be used to provide spot mortgage financing to enable eligible borrowers to finance the purchase of a home. Such mortgage financing may be made available through the corporation's purchase of a spot eligible loan from a mortgage lender or through the corporation making a spot eligible loan, which a mortgage lender has originated, to an eligible borrower.(c) As part of a housing loan program, the corporation may as a result of auction, invitation of tender, advance commitment or other negotiation limit a housing loan program for a specific project or development to only one mortgage lender or to several mortgage lenders. In deciding whether to work with only one mortgage lender or with a limited number of mortgage lenders, the corporation shall consider no less than the following factors:(1) the amount of securities being issued and the amount of proceeds which will be allocated to fund a housing loan program to finance the purchase of homes by eligible borrowers in a specific project or development;(2) the mortgage lender's experience in mortgage lending, financial strength and resources, including personnel to either make or originate eligible loans expeditiously;(3) the services available from the mortgage lender;(4) the fees and charges, including loan or origination fees, of the mortgage lender;(5) the practicality of dealing with one mortgage lender or with a limited number of mortgage lenders in connection with financing the purchase of homes by eligible borrowers in a particular project or development; and (6) such other factors which will tend to reduce the cost of mortgage financing or which will facilitate and promote the expeditious development of affordable housing. None of the foregoing factors shall be deemed controlling and the board shall have the discretion in selecting one mortgage lender or several mortgage lenders to participate in a home loan program. [Eff OCT 25 1999] (Auth: HRS § 2016-4, 2016-243) (Imp: HRS §§ 2016-242, 2016-243)