Section 17-2036-52 - Homeownership assistance payments(a) The authority shall make homeownership assistance payments into a dedicated, limited access account established by the lender or mortgage servicer.(b) The homeownership assistance payment shall be the lower of: (i) The payment standard minus the total tenant payment; or (ii) The participant's monthly homeownership expenses minus the total tenant payment.(c) The payment standard shall be the lower of:(i) The payment standard for the family unit size; or (ii) The payment standard for the size of the home.(d) Homeownership expenses shall include the following:(i) Principal and interest on the initial mortgage debt and any mortgage insurance premium incurred to finance the purchase of the home and any refinancing of such debt; (ii) Real estate taxes and public assessments on the home; (iii) Homeowner's insurance; (iv) Hurricane insurance; (v) An allowance for maintenance expenses;(vi) An allowance for the costs of major repairs and replacements;(vii) A utility allowance; and (viii) Principal and interest on mortgage debt incurred to finance major repairs, replacements, or improvements for the home. Haw. Code R. § 17-2036-52
[Eff 1/20/2019] (Auth: HRS §§ 356D-4, 356D-13) (Imp: HRS § 356D-13; 24 C.F.R. § 982.635 )