HAR §15-164-21
HAR §15-164-21. Interim construction program
Cite as Haw. Code R. § 15-164-21
(a)
Subject to the restrictions and funding limitations in
section 201G-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
164-5
2236
§15-164-21
developed by qualified sponsors who are
private nonprofit or for-profit entities.
(b)
Fund moneys used for thi9 program shall be
leveraged with bond proceeds for the development of
affordable rental housing.
[Eff n~r 2 5 1999 ] (Auth:
HRS §201G-225) (Imp:
HRS §201G-2~~)
§15-164-22
Project criteria for funding; minimum
requirements.
Affordable rental housing projects
funded in whole or in part through loans under this
program must meet the following criteria:
(1)
At least twenty per cent of the units in the
project are rented to households with incomes
of up to fifty per cent of the area median
income as determined by the U~S. department
of housing and urban development; or
(2)
At least forty per cent of the units are
rented to households with incomes of up to
sixty per cent of the area median income, as
determined by the U.S. department of housing
and urban development; or
(3)
At least sixty per cent of the units must be
rented to households with incomes of up to
one hundred forty per cent of the area median
income, as determined by the U.S. department
of housing and urban development; provided,
however, that if there is an insufficient
number of persons or families who meet the
income qualifying criteria for admission into
the housing project, the corporation may
permit the developer to rent units to higher
income tenants in order to ensure full
occupHl'rf ~f funded projects.
[ Eff U\.,
l 51999 J (Auth:
HRS §201G-225)
(Imp:
HRS §201G-223)