Definitions for the condominium loan loss reserves program

As used in this chapter, unless the context clearly requires otherwise: "Authority" means the Hawaii green infrastructure authority as established under section 196-63. "Community development financial institution" means an entity certified as a community development financial institution by the United States Department of the Treasury's Community Development Financial Institutions Fund. "Condominium association" has the same meaning as association as defined in section 514B-3. "Condominium project" has the same meaning as project as defined in section 514B-3. "Financial institution" includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution. "Loan" includes a line of credit. "Participating community development financial institution" means a community development financial institution participating in the condominium loan loss reserves program. "Qualified condominium association" means a condominium association that meets the eligibility requirements under section 514D-6 and rules adopted by the authority. "Reserve account" means an account established in a participating community development financial institution on approval of the authority in which money is deposited to serve as a reserve to reimburse a participating community development financial institution for losses on loans enrolled in the condominium loan loss reserves program.