Section 15-308-22 - Eligibility(a) Priority for affordable units marketed and sold under this chapter shall be for first-time homebuyers who require the assistance of programs under chapter 201H, HRS, to purchase their home. A first-time homebuyer who intends to purchase a unit developed or sold under this chapter with cash does not require the assistance of programs under chapter 201H, HRS, to become a homeowner.(b) An applicant shall be eligible to purchase a dwelling unit developed under this chapter if the applicant meets all of the following requirements: (1) Is a first-time homebuyer or qualified resident who is domiciled in the State and meets other qualifications set forth under section 201H-32, HRS;(2) Does not have a household income exceeding the corporation-established project income limits, or one hundred forty per cent of the area median income as determined by HUD, as adjusted by family size, whichever is lower;(3) Has household assets for initial deposit and down payment. Gift funds to assist in the down payment for purchase of the dwelling unit shall not exceed thirty-five per cent of the purchase price and must be received from a relative as defined according to Fannie Mae or Freddie Mac guidelines, as may be amended, in United States currency; and(4) Has not previously received assistance under a homeownership program designed and implemented under this chapter by the corporation or any of the counties in the State. However, the corporation may on an individual basis, allow a person who previously purchased a dwelling sponsored or assisted by the corporation or any of the counties to reapply, provided that(A) The corporation, the county, or a qualified nonprofit housing trust repurchased the dwelling unit; or(B) The applicant is still living in the unit subject to section 201H-47, HRS; and there has been a significant increase in household size. An applicant may become eligible again if the sale of such person's first dwelling was caused by extreme hardship such as family death, divorce, loss of employment, or a disability, and the dwelling was repurchased by the corporation or the county.
Provided further that in the case of divorce, where one spouse retains ownership of the dwelling unit, the other spouse may become eligible one year after the final divorce decree to reapply for a dwelling unit sponsored or assisted by the corporation or the county. An applicant may become eligible again if the applicant is still living in the previously restricted unit subject to section 201H-47, HRS, applies for a new affordable unit, and sells the currently owned dwelling unit to a qualified resident meeting corporation income requirements at a restricted price approved by the corporation.
[Eff 1/15/2022] (Auth: HRS §§ 201H-4, 201H-151, 201H-33) (Imp: HRS §§ 201H-1, 201H-151, 201H-162)