Homebuyers' Club Program

TR ADMIINIST II ADM HAWAAII NIST VE RULES RATIVE VE TITLE 15 TITL

DEPAR DEPA OMIC ECONOMI NESSS,, ECON BUSINES TMENT OF BUSI RTM LOPMENT, DEVELOPME C DEVE NT, AND AND TOURISM ISM ITLE 14 SUBTITLE ORATION CORPORAT LOPMEENT CORP DEVELOPM ITY DEVE MUNITY ING AND COMMUN ION OF HAWAII ION OF HAWAII HOUSSING HOU CHAPPTER 176 PROGRAM RS' CLUB PROG BUYEERS' HOMEEBUY HOM RAM

er 1 haptter Subcchap Sub ral Provvisi Geneeral Gen isioons

176-1 §15-176- §15- Purpose §15- §15- 176- 176- 2 ons nitions Defiinit Def

er 2 haptter Subcchap Sub Program rs' Club Prog buyeers' Homeebuy Hom ram

11 §15-176- 11 $15- §15- Purpose of program of prog ram §15- §15- 176- 12 12 ity ibility ip eligibil ershhip Mem bers Memb §15- §15- 176- 13 13 seminarss nall semi ationa Educcati Edu inar §15- §15- 176- 14 14 nciall plan ning and Financia Fina seliing cou nsel it coun credit and cred ng §15- §15- 176- 176- 15 15 applicant financial statemennt or app ly or Famiily Fam lica nt fina ncia l stat eme t §15- §15- 176- 16 16 program Saviings prog Sav ram 17 §15-176- 17 §15- ntall rnmeenta gov ernm otherr gove ion with othe Inte grat ion rams prog ram 18 §15-176- 18 §15- ual serv ices racttual Conttrac Con 19 §15-176- 19 §15- Fees §15-176-20 §15- 176- 20 ing Fundding Fun orical Histtori His ter 15-1 Chappter Ro~ e: Cha al Note Haw aii 76, Hawa 15-176, ii ve ive Rule s, is sub stan tial ly y base d upon inis trat Admnist Admi rati Rules, is substantiall Rule base s. d upon [Eff ter 6-379, chappter cha ii Adm Haw aii 9, Hawa rative inis trati Administ ve Rules. [Eff /93; am 1174793; 11/4 am 6/8/ 98; n ss79a; 6e79a; n OCT 2 5 1999 1] R OCT 2 5 1999 )CT

176- 11

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$15-176-1 §15-176-1

SUBCHAPTER 1 SUBCHAPTER GENERAL PROVISIONS

$15-176-1 Purpose. §15-176-1 Purpose. These These rules rules are are adopted adopted pursuant to pursuant to chapter 91, Hawaii chapter 91, Revised Statutes Hawaii Revised Statutes implement the provisions of section ("HRS"), and implement section 201G-351, HRS, 201G-351, HRS, providing providing for for the the ~~a,b+,ip~ A9Pl,ish of Salish of aa club program". "homebuyers' club "homebuyers' program". [Eff [Eff Ul, UUII lZ :> UU 5 1YYY 1::1::1::1 ) §S201G-4, §201G-351) SS201G-4, 201G-351) (Imp: HRS §201G-351) (Auth: HRS §§201G-4,

$15-176-2 SlS-176-2 Definitions. As Definitions. used in As used this chapter: n this chapter: "Assets" means "Assets" means total cash, securities, total cash, securities, and and real real and personal and personal property property less any outstanding less any outstanding liabilities liabilities secured by the assets, assets. "Corporation" means "Corporation" means the the housing housing and and community community development corporation development corporation of of Hawaii Hawaii established Hawaii established under under chapter 201G, chapter 201G, HRS. HRS. means the total amount family income" means "Gross family amount of income of income of aa homebuyers' homebuyers' club club member and the member and the member's member's spous,tom 2°2"j spous~ 'F° all :t,rom _all sources before -a1! sources .sources before deductions. deductions. E±s uC ca£r [Eff O 0C IT 2 51999 )1 Auth: OC 2 51999 1999 ) cauth:: HaRs §§201G-4, HRS ss201G-4, 201G-351) ss2oic-4, 201G-351) 201c-351) (Imp: HRS (Imp: HRS §201G-351) §201G-351)

SUBCHAPTER 22 CLUB PROGRAM HOMEBUYERS' CLUB PROGRAM

Purpose of §15-176-11 Purpose §15-176-11 of program. The purpose program. The purpose of of this program this is to program is establish aa "club" to establish "club" which shall "club" which shall bear bear Homebuyers' Club of Hawaii" that the name "Future Homebuyers' will that will provide informational provide informational services services to the inexperienced to the inexperienced onon the process of purchasing a home; assisting assisting the participants in participants in resolving credit problems; resolving credit problems; and and establishing a savings program establishing program for downpayment downpayment costs, costs, and closing costs, closing and other other related costs in related costs in the the purchase purchase of aa home. of [Eff OCT 2 5 19QQ home. [Eff 1999 (Auth: )CT 2 5 1999 ) (Auth: HRS HRS §§20'1G-4, S6201G-4, S62O1G-4, 201G-351) (Imp: 201G-351) (Imp: HRS HRS §201G-~~1) $201d-351) 5zo1d-351)

§15-176-12 Membership eligibility. Enrollment SlS-176-12 Enrollment by application shall be open to any resident of the application shall be open to any resident of the State State of Hawaii who: of Haw<l;ii who:

176-2 176-2

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$15-176-15 §15-176-15

(1 (1) Is at Is at least least eighteen eighteen years years of age; of age; (2 (2 gross fam Has aa gross Has which is income which ily income family is sufficient sufficient qualify for to qualify to mortgage loan; for aa mortgage and loan; and (3 (3 Is unaware Is process and the process of the unaware of and financial financial constraints or constraints or obligations obligations inin purchasing purchasing aa without assistance home without home assistance of the program. of the program. [(gr± Eff ncr 2 5 1999 1) (Auth QCT 2 5 1999 "(Imp: HRS 2o1cis1') (Imp: 201G-351) ± : HR Auth: "HRS §201G ss2oic-4, HRSs §§2 0 -351) §201G-351) lG-4,

§15-176-13 Educational §15-176-13 Subjects Educational seminars. Subjects covered shall covered shall include include but but shall shall not not bebe limited limited to the to the following: following: (l Strategies on (1 Strategies on saving money; saving money; (2) (2 availability and Identifying availability Identifying and use of use of savings plan; downpayment savings downpayment plan; financial plans; Developing financial 333 Developing plans; 4) (4 ) Budgeting Budgeting practices; practices; 5 (5 Description of Description of available available mortgage mortgage loans; loans; 6 66 the process Understanding the Understanding process of of escrow; escrow; Understanding land 77 Understanding titles; and land titles; and 88 Who to Who to see and wk~t see and wAaE, wAa, to _tg do when ready do when ready to to purchase purchase.. . _[Fff 2 5 1999 (Auch: (Auth: [Eff ULiT 5 199a 11 (Auth: HRS JCT HRS $S201G-4, 201G-351) §§201G-4, 201G-351) (Imp: (Imp: ~RS"#RS §201G-351) $201G-351)

§15-176-14 Financial §15-176-14 Financial planning and credit credit counseling. Consultant interviews (a) Consultant (a) interviews with counselor with aa counselor financial planner or financial or planner shall be made shall be made available available on on an an individual or individual or family family basis basis to credit analysis, provide credit to provide analysis, projections, and projections, and suggestions. suggestions. (b (b AA maximum of maximum one hour of one hour per per month month per per applicant applicant family shall be made available. Consumer credit family shall be made available. Consumer credit counseling to counseling resolve negative to resolve negative credit credit history history will be will be made available made available by by appointment. f appointment. [[ EEff OCT 2 5 25 .1999 l1 1QQQ (Auth: HRS (Auth: SS201G-4, 201G-351) HRS §§201G-4, 201G-351) (Imp: (Imp: HRS HRS"SzI2-351) §~~~~-351)

§15-176-15 Family or applicant applicant financial financial statement. Prior to (a) Prior (a) receiving counseling, to receiving counseling, the the applicant shall applicant shall submit submit anan updated financial statement. updated financial statement. (b The financial (b The financial statement statement shall include aa shall include 1isE16 2"igg 2 2°igg list.i.;,g.f:t;... 9 �°me, il,S§~,t;nincome, expenses, expenses, _and and a a Plan. budget plan. budget UUi 1 lZ ~5 l~~.::L ff UI., [[Eff 1YYY. ])J (Auth HRS SS201G- (Auth:: HRS 201G-351) §§201G-4, 201G-351) (Imp: HRS (Imp: HRS §201G-351) §201G-351)

176-3 176-3

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§15-176-16 §15-176-16 §15-176-16

§15-176-16 Savings pr ogram. There There shall shall be be available, at available, at the option of the option of the program participant, aa program the participant, to instill to savings incentive instill aa savings incentive by by providing sound providing aa sound budgetary plan. The budgetary plan. The program shall be program shall be strictly optional strictly optional and shall and shall be be establ i establ~Wedsed shed with with a a financial financial savings savings _IE5* Ut;T institution. [Eff institution. _IE5F 2255 OCT 5J'00Q UCT 1999 1 (Aush: HRS (Aush: . J�� (Auth: ams uss SS2 201G-351) (Imp: §§201G-4, 201G-351) (Imp: (Imp: HK©'$201G-351) HK'$201G-3 tt~~201G-351) 51)

Integration with other governmental §15-176-17 Integration governmental possible, the Wherever possible, programs. Wherever programs. the program shall be program shall be ntegrated with iintegrated other governmental with other governmental programs, programs, including, including, but not limited but not limited to: to: (1) (1 (1 The The state state mortgage guarantee mortgage guarantee program program established under established section 201G-311, under section 201G-311, HRS; HRS; (2) The (2) (2) downpayment loan The downpayment loan program, established program, established under section under 201G-321, section 201G-321, 201G-321, HRS; HRS; (3) (3) The The rent-to-own rent-to-own program, program, established under established under section 201G-361; section 201G-361; and and (4 Any other (4 Any program designed other program designed toto assist assist the the F 3EFiFi P ?NFS 3IFiC'PANES _participants of of this this this _program. program. (srf )CT 2 51999 ) (ssf uCT 2 5 1999 l (Auth: [Eff (auth: HRS (auth: Ass §§201G-4, ss2o1c-4, ss2oic-4, 201G-351) (Imp: 201G-351) (Imp: HRS (Imp: §201G-351) HRS §201G-351)

§15-176-18 Contractual Contractual services. The The corporation corporation may secure the may secure the services services of of another another public public or or private private "t i8 enti~Ctp °""ldc1 2 5'H8 68a8 c~rrx, � �the a out 8" e Py e_ r e° e# purposes oof ,Pr?95 2 this program. r this Pr°232- (Ef t c )CT [Effr UI I Imp: HRS (Imp: (Imp: 22 1999 � (Auth: HRs 4 2o1G-351) !5a 1~99 1J (Auth: HRS §§201G-4, 201G-351) !5 HRS §201G-351) §201G-351) (Auth: Hs ss2oiG- ,

§15-176-19 Fees. Fees, §15-176-19 Fees, material material costs, and costs, and out-of-pocket expenses out-of-pocket expenses shall shall be be levied levied against against the the participant pr,W� pri?K .I ao dis� p said material material or or Uli f participant prW~fo dis~ensing said service. [Eff service. (Elf)CT (EtfJCT 255 1999 2 1~99 }(Auth: J SS201G-4, HRS §§201G-4, (Auth: HRS 201G-351) Imp: 201G-351) HRS §201G-351) Imp: HRS §201G-351)

Funding. This §15-176-20 Funding. This program program may may be be made made available p available ending avai ;eending of funds. lability of availability funds. r gr± [Eff OCT <usn: HRS l2 5,!; 1Q09 _1_1.] (Auth: 1999, 0CT 5,1999 «usa: iss sszo1 201G-351 a-«, 2016 §§201G-4, 201a- (Imp: HRS (Imp: (Imp: HRs" $2dY Hks" 2351) $2dY&"351) t2dr~-351)

176-4 176-4

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DEPARTMENT OF BUS I NESS, ECONOM I C DEVELOPMENT, AND TOURISM

The repeal of chapter 6-379 and the adoption of chapter 15-176, Hawaii Administrative Rules, on the Summary Page dated August 27, 1999 , was adopted on August 27, 1999, following public hearings held on Maui on July 15 , 1999, Hilo on July 16, 1999, Oahu on July 19, 1999, and Kauai on July 20, 1999, after public notice was given in the Midweek newspaper on June 7, 1999. The repeal and adoption shall take effect ten days after filing with the Office of the nant Governor.

D K.W. LAU utive Director o using and Community Development Co r poration of Hawaii

SEIJI F. Director Department Business, Economic Development, and Tourism

APPROVED AS TO FORM: NEAL H. IIRA

ca* � K APPROVED:

s: � 5 see*-8 � Gover state of Hawaii � pated: /0 -7/-77 OCT 1 5 1999 Filed

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