(a) The authority shall establish procedures for:

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Terms Used In Hawaii Revised Statutes 206E-110

  • Authority: means the Hawaii community development authority. See Hawaii Revised Statutes 206E-101
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Project: means a specific work or improvement, including real and personal properties, or any interest therein, acquired, owned, constructed, reconstructed, rehabilitated, or improved by the authority, including a commercial project, a redevelopment project, or a residential project, all as defined as follows, or any combination thereof, which combination shall hereinafter be called and known as a "multipurpose project". See Hawaii Revised Statutes 206E-2
  • Reserved housing: means housing designated for residents in the low- or moderate-income ranges who meet such eligibility requirements as the authority may adopt by rule. See Hawaii Revised Statutes 206E-101
  • Reserved housing loan programs: includes all or any part of the loan to lenders program, the purchase of existing loans program, the advance commitments program, and the eligible loan and eligible project loan funding program authorized under this part. See Hawaii Revised Statutes 206E-101
(1) The submission of requests or the invitation of proposals for loans to mortgage lenders;
(2) The purchase of existing loans by auction, invitation of tenders, or negotiation;
(3) The making of advance commitments to purchase and the purchasing of eligible loans or eligible project loans to be made by mortgage lenders by auction, invitation of tenders, or negotiation; and
(4) Loan applications made through mortgage lenders to eligible borrowers or qualified sponsors.
(b) The authority shall establish standards and requirements for:

(1) The allocation of loans to mortgage lenders;
(2) The allocation of funds to purchase existing loans from mortgage lenders;
(3) The making of advance commitments and allocation of funds to purchase eligible loans or eligible project loans from mortgage lenders; and
(4) The participation by mortgage lenders as originators and processors of eligible loans or eligible project loans on behalf of the authority.
(c) The standards and requirements for the allocation of funds to mortgage lenders adopted by the authority shall be designed to include the maximum number of qualified mortgage lenders as participants in the reserved housing loan programs.
(d) The authority may adopt rules necessary or convenient for the operation of the reserved housing loan programs under this part.

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