HRS §514D-6
Loans for condominium associations that were turned down
This section lets the authority give loans directly to a condominium association, but only if the association got a letter from a bank saying it was turned down for a loan, and the association has or will get full replacement and hurricane insurance as part of the loan.
condominium associations
The statute, as written — Loans; eligibility
The authority may make loans directly to a condominium association that has: (1) Received at least one letter from a financial institution declining its eligibility for a loan to address maintenance or insurance coverage issues; and (2) Obtained full replacement property and hurricane insurance coverage or intends to do so as a condition of any financing received.
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