Section 15-22-187 - Equity sharing requirements(a) The authority's share of the equity in the reserved housing unit shall become due upon: (1) Waiver of the authority's first option to purchase the reserved housing unit; or(2) Resale of the reserved housing unit after the expiration of the period during which the authority has the first option to purchase the unit.(b) The authority's share of the equity in the reserved housing unit shall be the higher of: (1) An amount equivalent to the difference between the original fair market value of the unit and its original sales contract price, not to exceed the difference between the resale fair market value and the original sales contract price; or(2) An amount equivalent to the authority's percentage share of net appreciation calculated as the difference between the original fair market value of the unit and its original sales contract price, divided by the original fair market value of the unit. As used herein, "net appreciation" means resale fair market value less original sales contract price and actual sales costs incurred, if any. The authority shall determine the fair market value of the unit at the time of the initial sale and at the time of resale.
(c) The price and terms on the resale of units shall be approved by the authority. [Eff 9/8/86, comp 1/28/88, comp 2/24/90, am 8/4/95] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)
15-22-187 is based substantially upon § 15-17-307. [Eff 4/6/85; R 9/8/86]