Hawaii Revised Statutes 516. Residential Leaseholds
PART I. GENERAL PROVISIONS
- 516-1 Definitions.
Unless otherwise clear from the context, as used in this chapter: "Corporation" means the Hawaii housing finance and development corporation created by chapter 201H....
- 516-2 Applicability.
This chapter applies to all lands leased as residential lots which are owned or held privately or owned by the State or its political...
- 516-3 No Estoppel or Waiver.
The rights granted to lessees by this chapter shall be effective, notwithstanding any provision in any lease or contract to the contrary. No lessee...
- 516-4 Trusts and Estates.
The rights granted to lessees by this chapter shall be effective, notwithstanding any condition or provision to the contrary in any instrument creating any...
- 516-5 Penalty.
Any person who violates this chapter shall be fined not more than $5,000 nor less than $1,000 or imprisoned not more than one year,...
- 516-6 Administration of Chapter.
The Hawaii housing finance and development corporation shall administer this chapter. [L 1967, c 307, §7; HRS §516-6; am L 1987, c 337, §16;...
- 516-7 Corporation's Duties, Generally.
In addition to any other duty prescribed by law and in this chapter, the Hawaii housing finance and development corporation shall: (1) Within six...
- 516-8 Interested Members, Officers, or Employees.
No member of the Hawaii housing finance and development corporation or officer or employee administering this chapter shall acquire any interest, direct or indirect,...
- 516-9 Quitclaim Deeds.
Unless otherwise provided by law, the corporation shall issue quitclaim deeds and leases whenever it conveys, transfers, sells, or assigns any property developed, constructed,...
PART II. CONDEMNATION OF DEVELOPMENT TRACT
- 516-21 Applicability.
This part applies to development tracts which are, at the time of acquisition of leased fee interests in residential lots within such tracts by...
- 516-22 Designation of Leased Fee Interest in All or Part of Development Tract for Acquisition.
The corporation may designate all or a portion of a development tract for acquisition and acquire leased fee interests in residential houselots in a...
- 516-23 Exercise of Power of Eminent Domain.
Within twelve months after the designation of all or part of the development tract for acquisition, the Hawaii housing finance and development corporation shall...
- 516-24 Compensation.
The compensation to be paid for the leased fee interest in a residential houselot within a tract shall be the owner's basis as defined...
- 516-24.5 Exchanges.
(a) The corporation may exchange public lands for private lands to be condemned or involuntarily sold pursuant to this chapter; provided that any such...
- 516-25 Interest Acquired.
(a) Upon acquisition of the leased fee interest in residential houselots within all or a portion of a development tract as provided in this...
- 516-26 Interest in Compensation Paid by the Corporation.
The fee owner, lessor, and all legal and equitable owners shall share in the compensation paid by the Hawaii housing finance and development corporation...
- 516-27 Compulsory or Involuntary Conversion.
It is the intent of the legislature, within the meaning of section 1033 or section 1231 of the Internal Revenue Code or the applicable...
- 516-28 Disposition, Generally.
It shall be the policy of the Hawaii housing finance and development corporation to encourage the widespread fee simple ownership of residential lots situated...
- 516-29 Notice of Disposition.
Except in case of a sale of the leased fee interest to the lessee of a residential lot under lease, no sale or lease...
- 516-30 Purchase of Leased Fee Interest.
The lessee of a residential lot within a development tract, whether the lessee was a lessee at the time of the acquisition or became...
- 516-31 Disposition by Lease.
The Hawaii housing finance and development corporation may lease any of the residential lots in a development tract at lease rentals and upon terms...
- 516-32 Not for Profit.
It is declared to be the policy of the State that the Hawaii housing finance and development corporation shall carry out its responsibilities under...
- 516-33 Qualification for Purchase.
(a) Except as otherwise provided under section 516-28, no application to purchase shall be accepted nor shall any sale of any residential houselot within...
- 516-33.5 Deposits by Lessees.
(a) The corporation may require the submission of a deposit by any lessee applying to the corporation for the purchase of a residential lot...
- 516-34 Mortgages, Agreements of Sale, Other Instruments.
(a) If an applicant who wishes to purchase the leased fee interest in the applicant's residential leasehold lot is unable to obtain sufficient funds...
- 516-35 Restrictions on Sale and Use of Residential Lots.
(a) If state moneys are used for the purchase of the owner's basis, then for a period of ten years after the purchase from the...
- 516-35.1 Foreclosure and Sale by Mortgagees.
If the leased fee, fee simple title or lease to a lot, purchased or acquired from the Hawaii housing finance and development corporation under...
- 516-36 to 39 Repealed.
L 1975, c 184, §2(16).
- 516-40 Bonds As Legal Investments.
The State and all of its public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions,...
- 516-41 Exemption From Taxation and Assessments.
The Hawaii housing finance and development corporation and the property acquired by it under this part, if not leased or sold, are exempt from...
- 516-42 Investment of Reserves.
The Hawaii housing finance and development corporation may invest any funds held in reserves or sinking funds, or any funds not required for immediate...
- 516-43 Security for Funds Deposited.
The Hawaii housing finance and development corporation may, by resolution, provide that all moneys deposited by it shall be secured: (1) by any securities...
- 516-44 Repealed.
L 2015, c 237, §39.
- 516-45 General Obligation Bonds.
The director of finance may, from time to time, issue general obligation bonds in such amounts as may be authorized by the legislature, for...
- 516-51 Preliminary Negotiation Required.
(a) Upon the filing of a petition by the number of lessees required by section 516-22 with the Hawaii housing finance and development corporation,...
- 516-52 to 55 Repealed.
L 1980, c 107, §4.
- 516-56 Eminent Domain Trial.
The parties to the eminent domain action brought under this chapter shall be the corporation as plaintiff and the lessees and all other necessary...
PART III. RIGHTS OF LESSEES
- 516-61 Applicability.
Except as otherwise expressly provided, this part applies to all leases of residential lots existing and in force on June 24, 1967, and to...
- 516-62 Discrimination.
No person shall be denied the right to become a lessee of a residential lot, because of the person's race, religion, sex, ancestry, or...
- 516-63 Free Assignability.
Except as otherwise provided in section 516-35 and restrictions placed in leases by state or county agencies, a lessee may assign the lessee's lease...
- 516-64 Forfeiture.
No forfeiture of the lessee's interest in a leasehold shall be declared by the lessor for the lessee's failure to pay the rent or...
- 516-65 Extension.
From time to time during the first twenty years of the term of any lease, the lessee shall have the right to extend the...
- 516-66 Lease Rental.
In every case of an extension under section 516-65 the annual lease rental during the first thirty years shall not exceed an amount determined...
- 516-67 Zoning Changes.
A lessor, fee owner, or any legal or equitable owner applying for a change in zoning in any area shall notify all of the...
- 516-68 Rights to Self-Organization; Remedies.
Lessees in a development tract shall have the right of self-organization and the right to form, join, or assist each other in forming associations...
- 516-69 Sale of Fee by Lessor.
No fee owner of any residential lot under lease shall sell the leased fee interest to the lot to any third party unless the...
- 516-70 Reversion of Improvements.
(a) This section applies to all leases of residential lands as defined by section 516-1. (b) At the termination of any lease, or at...
- 516-71 Residential Lease; Disclosure.
(a) Except as otherwise provided for in this section, for any sale of a leasehold residential lot, no later than ten calendar days after...
- 516-72 Civil Penalty.
Failure to furnish disclosures substantially complying with the requirements of section 516-71 shall entitle the buyer to the recovery of a civil penalty of...
- 516-73 Suggested Form of Standardized Summary of Lease Provisions.
A standardized summary of lease provisions executed pursuant to section 516-71 of this chapter may, but need not, be substantially in the following form:...
PART IV. JUDICIAL DECLARATION
PART V. FEE TITLE ACQUISITION LOAN PROGRAM
- 516-91 Definitions.
The following words or terms as used in this part shall have the following meanings unless a different meaning clearly appears from the context:...
- 516-95 Rules; Eligible Loans.
(a) The corporation shall establish requirements for property financed by an eligible loan, and may consider, but not be limited to the location, age,...
- 516-101 Revenue Bonds; Authorization.
(a) The corporation, with the approval of the governor, may issue from time to time revenue bonds in amounts not exceeding the total amount...
- 516-102 Revenue Bonds; Payment and Security.
(a) The revenue bonds shall be payable from and secured by the revenues derived from the benefits of the acquisition loan programs for which...
- 516-103 Revenue Bonds; Interest Rate, Price, and Sale.
(a) The revenue bonds shall bear interest at a rate or rates payable monthly, quarterly, or semiannually. (b) The corporation shall include the costs...
- 516-104 Revenue Bonds; Investment of Proceeds and Redemption.
Subject to any agreement with the holders of its revenue bonds, the corporation may: (1) Invest its moneys not required for immediate use, including...
- 516-107 Trustee; Designation, Duties.
(a) The corporation shall designate a trustee for each issue of revenue bonds secured under the same trust indenture; provided that the trustee shall...
- 516-108 Trust Indenture.
(a) A trust indenture may contain covenants and provisions authorized by part III of chapter 39, and as deemed necessary or convenient by the...
- 516-111 Revenue Bonds; Special Funds.
A separate special fund shall be established in accordance with section 39-62 for each acquisition loan program or part thereof financed from the proceeds...
- 516-121 Acquisition Loan Programs; Procedures and Requirements.
(a) The corporation shall establish procedures for: (1) The submission of requests or the invitation of proposals for loans to mortgage lenders; (2) The...
- 516-122 Acquisition Loan Programs; General Powers.
(a) The corporation may make, enter into, and enforce all contracts or agreements which are necessary, convenient, or desirable for the purposes of the...
- 516-123 Acquisition Loan Programs; Self Supporting.
The interest rate, fees, charges, premiums, and other terms of the loans made under the acquisition loan programs shall be at least sufficient to...
- 516-124 Acquisition Loan Programs; Fees.
The corporation may establish, revise, charge, and collect fees, premiums, and charges as necessary, reasonable, or convenient, for its acquisition loan programs. The fees,...
- 516-125 Acquisition Loan Programs; Evidence of Eligible Loan.
(a) Each mortgage lender who participates in any acquisition loan program shall submit evidence, as deemed satisfactory by the corporation, that eligible loans have...
- 516-131 Loans to Lenders Program.
(a) The corporation may make loans to mortgage lenders under terms and conditions requiring that the loan proceeds be used within a time period...
- 516-132 Loan to Lenders Program; Collateral Security.
(a) Loans made to mortgage lenders additionally may be secured by a pledge of a lien upon collateral security in an amount as the...
- 516-141 Purchase of Existing Loans Program.
(a) The corporation may contract with a mortgage lender to purchase, in whole or in part, existing loans, whether or not eligible loans. The...
- 516-151 Advance Commitments Program.
(a) The corporation may contract with a mortgage lender for the advance commitment to purchase eligible loans. (b) The contract may contain provisions as...
- 516-161 Eligible Loan Funding Program.
(a) The corporation may make or contract directly with mortgage lenders to fund eligible loans. (b) The contract may contain provisions as determined by...
- 516-171 Loans; Service and Custody.
The corporation may contract for the service and custody of its loans. The contract may provide for the payment of fees or charges for...
- 516-172 Loans; Sale, Pledge, or Assignment.
(a) Subject to any agreement with the holders of its revenue bonds, the corporation may sell its loans at public or private sale at...
- 516-173 Loans; Insurance and Guarantees.
The corporation may procure insurance or guarantees against any default of its loans, in amounts and from insurers or guarantors, as it deems necessary...
- 516-174 Loans; Default.
The corporation may: (1) Renegotiate, refinance, or foreclose any loan in default; (2) Waive any default or consent to the modification of the terms...
- 516-181 Interest Acquired.
(a) Upon acquisition of the leased fee interest in a residential houselot from the proceeds of an eligible loan, the property interest acquired shall...
- 516-182 Restrictions on Sale and Use of Residential Lots Acquired From Proceeds of Eligible Loan.
No interest in property acquired from the proceeds of an eligible loan made under this part, so long as any part of such eligible...
- 516-186 Construction.
The powers conferred by this part shall be in addition and supplemental to the powers conferred by any other law. The fee title acquisition...
PART VI. SUSTAINABLE AFFORDABLE
DEVELOPMENTS OR LEASES
- 516-201 Exemption for Sustainable Affordable Developments.
Notwithstanding any law to the contrary, no lessee under a sustainable affordable lease may exercise the rights granted to a lessee by part II...
- 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...
- 516-203 Recordkeeping.
A lessor of a sustainable affordable development shall maintain during the term of all sustainable affordable leases records regarding income levels and other qualifications...
- 516-204 University of Hawaii At Manoa.
The legislature identifies the creation of a sustainable affordable development by or on land owned by or set aside to the University of Hawaii...
Last modified: October 27, 2016