Hawaii Revised Statutes 206E-112 – Reserved housing loan programs; self supporting
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Terms Used In Hawaii Revised Statutes 206E-112
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
- Revenue bonds: means bonds, notes, or other evidence of indebtedness of the authority issued to finance any of the reserved housing loan programs under this part. See Hawaii Revised Statutes 206E-101
The interest rate, fees, charges, premiums, and other terms of the loans made under the reserved housing loan programs shall be at least sufficient to pay the cost of administering and maintaining the portion of the specific reserved housing loan programs for which the revenue bonds have been issued, and to assure payment of the principal of and interest on the revenue bonds as they become due.