§516-202 Certification. The lessor of a sustainable affordable development shall certify the lessor's qualification for the exemption established in section 516-201 at the time of the delivery of the first sustainable affordable lease by filing an affidavit with the registrar of the bureau of conveyances or assistant registrar of the land court, as appropriate, that:
(1) Declares the percentage of all the residential lots in the development tract that will have their initial sales prices limited in accordance with directly applicable state or county law, regulation, policy, or agreement, such that households earning not more than the required percentage of the median income for the applicable county will spend no more than the allowable percentage of their gross income for housing costs; provided that if the percentage of residential lots is less than thirty per cent, the state or county agency's approval thereof shall also be set forth;
(2) Declares the percentage of all the residential lots in the development tract that will have their initial sales prices and resale sales prices limited to eighty per cent of the fair market value of the residential lots in fee, including all buildings and improvements, unencumbered by the lease and describing the calculation of the difference; provided that if the percentage of residential lots is less than fifty-one per cent, the state or county agency's approval thereof shall also be set forth; and
(3) Sets forth the provisions in the sustainable affordable leases that limit the resale price of the residential lot, including all buildings and improvements, and entitle the lessor to a share of the appreciation in the residential lot, including all buildings and improvements. [L 2005, c 197, pt of §2]
Structure Hawaii Revised Statutes
516-6 Administration of chapter.
516-7 Corporation's duties, generally.
516-8 Interested members, officers, or employees.
516-22 Designation of leased fee interest in all or part of development tract for acquisition.
516-23 Exercise of power of eminent domain.
516-26 Interest in compensation paid by the corporation.
516-27 Compulsory or involuntary conversion.
516-28 Disposition, generally.
516-30 Purchase of leased fee interest.
516-33 Qualification for purchase.
516-34 Mortgages, agreements of sale, other instruments.
516-35 Restrictions on sale and use of residential lots.
516-35.1 Foreclosure and sale by mortgagees.
516-40 Bonds as legal investments.
516-41 Exemption from taxation and assessments.
516-42 Investment of reserves.
516-43 Security for funds deposited.
516-45 General obligation bonds.
516-51 Preliminary negotiation required.
516-68 Rights to self-organization; remedies.
516-70 Reversion of improvements.
516-71 Residential lease; disclosure.
516-73 Suggested form of standardized summary of lease provisions.
516-83 Legislative findings and declaration of necessity; purpose.
516-101 Revenue bonds; authorization.
516-102 Revenue bonds; payment and security.
516-103 Revenue bonds; interest rate, price, and sale.
516-104 Revenue bonds; investment of proceeds and redemption.
516-107 Trustee; designation, duties.
516-111 Revenue bonds; special funds.
516-121 Acquisition loan programs; procedures and requirements.
516-122 Acquisition loan programs; general powers.
516-123 Acquisition loan programs; self supporting.
516-124 Acquisition loan programs; fees.
516-125 Acquisition loan programs; evidence of eligible loan.
516-131 Loans to lenders program.
516-132 Loan to lenders program; collateral security.
516-141 Purchase of existing loans program.
516-151 Advance commitments program.
516-161 Eligible loan funding program.
516-171 Loans; service and custody.
516-172 Loans; sale, pledge, or assignment.
516-173 Loans; insurance and guarantees.
516-182 Restrictions on sale and use of residential lots acquired from proceeds of eligible loan.