Section 15-308-85 - Determination of repurchase price for purchases subject to restrictions(a) If the corporation repurchases a dwelling unit pursuant to section 201H-47(a)(1), HRS, the repurchase price shall be determined as follows: (1) The price at which the dwelling unit was originally purchased plus interest credit subsidies, if any, to be recaptured for federally subsidized mortgages; provided that when land only is purchased and the purchaser provides his or her labor to construct the dwelling unit, the fair market value of the dwelling provided by appraisal for the purposes of qualifying for the first mortgage or by appraisal obtained by the corporation plus the original purchase price of the land shall be used to determine the original purchase price;(2) The cost of improvements to the dwelling unit added by the owner after the original purchase, provided that the owner shall furnish financial documentation indicating the actual cost of improvements in a form deemed acceptable by the corporation in its sole discretion; and(3) Simple interest at the rate of one per cent per year on the purchaser's original cost and capital improvements.(b) If the corporation has assigned its repurchase rights to the dwelling unit to a qualified nonprofit housing trust, the corporation shall determine the repurchase price using the same methodology as provided in subsection (a).(c) Any dwelling unit repurchased by the corporation or qualified nonprofit housing trust under this subchapter shall be in resalable condition; or, in the alternative, the estimated expense required to restore the dwelling unit to resalable condition shall constitute a reduction of the repurchase price to be paid by the corporation or qualified nonprofit housing trust, as applicable, provided, however, that no reduction shall be made for the estimated expense to repair a substantial soil or construction defect as defined in section 201H-51, HRS.(d) The corporation shall notify the seller of the seller's right to recourse under chapter 15-300, in the event that there is a disagreement on the repurchase price determined by the corporation.[Eff 1/15/2022] (Auth: HRS § 201H-4) (Imp: HRS §§ 201H-47, 201H-51)