§201H-181 Rent-to-own program. (a) The corporation may establish a rent-to-own program under which dwelling units that are for sale may be rented to program participants. Under this program, the corporation shall credit a portion of the rent received toward the purchase of the unit.
(b) The sales price shall be established at the beginning of the rental term and shall remain fixed for the first five years after the rental agreement is executed. During this period, the participant shall have the option of purchasing the unit at the designated sales price. If the participant does not elect to purchase the unit within the five-year period, the renter shall forfeit the right to continue living in the unit and the unit shall be made available to another purchaser or renter.
(c) The corporation shall have the right to reestablish the sales price upon expiration of the option period or upon resale of the unit. [L 2006, c 180, pt of §4]
Structure Hawaii Revised Statutes
Title 13. Planning and Economic Development
201H. Hawaii Housing Finance and Development Corporation
201H-2 Hawaii housing finance and development corporation; establishment, staff.
201H-3 Board; establishment, functions, duties.
201H-4.5 Urban gardening programs.
201H-5 Fair housing law to apply.
201H-6 Housing advocacy and information system.
201H-9 Acquisition, use, and disposition of property.
201H-10 Cooperative agreements with other governmental agencies.
201H-11 Agents, including corporations.
201H-12 Development of property.
201H-13 Eminent domain, exchange or use of public property.
201H-14 Contracts with the federal government.
201H-15 Administration of low-income housing credit allowed under section 235-110.8.
201H-16 Administration of federal programs.
201H-17 Federal funds outside of state treasury.
201H-18 Public works contracts.
201H-19 Remedies of an obligee: mandamus; injunction; possessory action; receiver; accounting; etc.
201H-20 Subordination of mortgage to agreement with government.
201H-23 For-sale developments.
201H-33 Powers and duties, generally.
201H-34 Additional powers; development.
201H-34.5 Authority to modify and amend development agreements with eligible developers.
201H-36 Exemption from general excise taxes.
201H-37 Exemption from tax on income and obligations.
201H-38 Housing development; exemption from statutes, ordinances, charter provisions, and rules.
201H-40 Housing projects; construction and sponsorship.
201H-41 Independent development of projects.
201H-42 Private development of projects.
201H-43 Interim financing of projects.
201H-44 Commercial, industrial, and other uses.
201H-45 Sale; mortgage, agreement of sale, and other instruments.
201H-47 Real property; restrictions on transfer; waiver of restrictions.
201H-48 Exception of current owners in corporation projects.
201H-49 Real property; restrictions on use.
201H-50 Restrictions on use, sale, and transfer of real property; effect of amendment or repeal.
201H-51 Corporation's right to repurchase or rent real property; authority to seek recovery.
201H-52 Nonprofit organizations and government agencies.
201H-53 Rate of wages for laborers and mechanics.
201H-57 Land leases to nonprofit organizations providing affordable housing.
201H-58 Leases; self-help housing.
201H-59 Affordable rental housing development program.
201H-72 Issuance of bonds for the development of infrastructure.
201H-73 Issuance of bonds for the preservation of low-income housing projects.
201H-74 Bonds; interest rate, price, and sale.
201H-75 Trustee; designation, duties.
201H-77 Investment of reserves, etc.
201H-78 Security for funds deposited by the corporation.
201H-79 Arbitrage provisions, interest rate.
201H-80 Housing finance revolving fund; bond revolving funds.
201H-82 Rate of wages for laborers and mechanics.
201H-86 Low-income housing tax credit loan.
201H-92 Owner-occupancy requirement.
201H-95 Eligible project loans.
201H-96 Eligible improvement loans.
201H-97 Housing loan programs; procedures and requirements.
201H-98 Housing loan programs; general powers.
201H-99 Housing loan programs; self-supporting.
201H-100 Housing loan programs; fees.
201H-102 to 201H-104 REPEALED.
201H-105 Advance commitments program.
201H-106 Loan funding programs.
201H-107 Loans; service and custody.
201H-108 Loans; sale, pledge, or assignment.
201H-109 Loans; insurance and guarantees.
201H-121 Purpose; findings and determinations.
201H-123 Rental assistance revolving fund.
201H-124 Rental assistance contracts.
201H-125 Rental assistance program.
201H-126 Benefits of program not exclusive.
201H-142 Housing loan programs; authorization.
201H-143 Housing loan programs; procedures and requirements.
201H-144 Housing loan programs; general powers.
201H-151 State mortgage guarantee.
201H-152 Mortgage guarantee agreements.
201H-162 Qualifications for downpayment loans.
201H-163 Restrictions on borrower.
201H-163.5 Downpayment loan assistance program; fees.
201H-171 Homebuyers' club program.
201H-191 Dwelling unit revolving fund.
201H-191.5 Regional state infrastructure subaccounts.
201H-202 Rental housing revolving fund.
201H-203 Eligible applicants for funds.