Haw. Code R. § 15-311-22 - Rental housing revolving fund; allowable uses

(a) The rental housing revolving fund may be utilized to provide loans or grants for the development, pre-development, construction, acquisition, preservation, and substantial rehabilitation of rental housing units that meet the criteria for eligibility set forth in sections 15-311-21 and 15-311-32. Additionally, an amount from the fund may be used to pay for administrative expenses incurred by the corporation in administering the fund.

(b) Activities eligible for assistance from the fund shall include, but not be limited to:

(1) Planning;

(2) Design;

(3) Land acquisition;

(4) Costs of options;

(5) Agreements of sale;

(6) Downpayments;

(7) Equity financing, including the leveraging of moneys with the use of fund assets;

(8) New construction or rehabilitation activities;

(9) Acquisition of housing units for the purpose of preservation as lower cost housing;

(10) Pre-development activity grants or loans to nonprofit organizations or governmental agencies, provided that an organization or agency may be eligible to receive one grant or loan per rental housing project;

(11) Capacity building grants to nonprofit organizations, provided that an organization may be eligible to receive no more than $150,000 per nonprofit organization;

(12) For participation in interim construction loans provided by private lenders or in loan programs administered by government agencies, such as the dwelling unit revolving fund administered by the corporation; and

(13) Other housing development services or activities as approved by the corporation on a case-by-case basis. .

Notes

Haw. Code R. § 15-311-22

[Eff APR 23 2010] (Auth: HRS § 201H-202) (Imp: HRS §§ 201H-202, 201H-204) Am and comp 1/15/2022