Haw. Code R. § 15-164-21 - Interim construction program
(a) Subject to the
restrictions and funding limitations in section 2016-223, HRS, the corporation
may use the aggregate principal sum and the accumulated earnings in the rental
assistance revolving fund to provide interim construction financing to:
(1) Qualified sponsors of rental housing
projects who are private nonprofit or for-profit entities; or
(2) The corporation; provided that in
allotting interim construction financing moneys under this program, the
corporation shall give a preference to rental housing projects developed by
qualified sponsors who are private nonprofit or for-profit entities.
(b) Fund moneys used for this
program shall be leveraged with bond proceeds for the development of affordable
rental housing.
Notes
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