Haw. Code R. § 15-320-3 - Eligibility; minimum requirements

(a) Eligibility for state low income housing tax credit loans under this chapter is limited to projects that have been awarded state low-income housing tax credits on or after January 1, 2011. Projects that have been awarded state low-income housing tax credits prior to January 1, 2011 shall not be eligible to participate in this program.

(b) Project owners may not apply for a loan under this chapter until two months following the date of their state low-income housing tax credit award.

(c) To be eligible for consideration for a loan under this chapter, project owners shall certify and provide documentation satisfactory to the corporation that:

(1) They have found a syndicator or investor for the project's Federal low-income housing tax credits;

(2) A syndicator or investor for the project's state low-income housing tax credits:

(A) Could not be found;

(B) Reasonable quoted pricing below the price used in the underwriting in the project's consolidated application; or

(C) Quoted state low-income housing tax credit pricing that does not allow the project to remain financially feasible;

(3) The low income housing tax credit loan is necessary to ensure that their project is financially feasible; and

(4) The project shall be completed by the deadline set forth by the awarded Federal low-income housing tax credit.

(d) Project owners that receive a loan under this chapter shall provide written notice to the executive director of their decision to return their state low-income housing tax credit award.

Notes

Haw. Code R. § 15-320-3

[Eff OCT 27 2011] (Auth: Act 158, SLH 2011; HRS § 201H-4,) (Imp: Act 158, SLH 2011)