Section 15-308-83 - Providing consent to additional financing(a) Within the statutorily required time period from the date of purchase, the corporation shall consent to additional financing or refinancing of the original mortgage and subordinate the restriction provided in section 201H-47, HRS, as follows: (1) When the total loan amount does not exceed the corporation's purchase price of the property as determined by the provisions of section 15-308-85(a);(2) When the total loan amount exceeds the corporation's purchase price of the property and the loan is used for: (A) Capital improvements;(B) Payment of subsidy, deferred land value or deferred sales price;(C) Payment of the corporation's share of appreciation under the Shared Appreciation Equity Program; or(D) Purchase of leased fee interest for the leasehold property owned.(b) When the corporation's rights under section 15-308-103 are still applicable, the total amount of liens and encumbrances cannot be greater than the sum of eighty per cent of the owner's original purchase price and the owner's share of net appreciation. In cases where a house lot was purchased and the owner contributed the owner's own labor to construct the dwelling, the fair market value of the dwelling shall be included as part of the owner's share of net appreciation. In extreme hardship cases involving health and safety, the corporation may allow up to an additional twenty per cent of the owner's original purchase price and the owner's share of net appreciation; provided that the lien or encumbrance is for a loan for capital improvement purposes only.(c) In cases where the corporation previously consented to the existing loan and the principal balance is greater than the total loan amount determined herein, the corporation may consent to the principal balance of the previously consented-to loan.(d) In cases where the corporation would have consented to the existing loan initially made without consent and the lender has submitted an application for relief; provided that the lender must complete all requirements and pay all fees as listed in section 15-308-4.(e) In any event, the total loan amount shall not exceed the fair market value or county assessed value of the property at the time the loan is made, whichever is lower.[Eff 1/15/2022] (Auth: HRS § 201H-4) (Imp: HRS § 201H-47)