HAR §15-164-23. Applications for program funds

(a) Applicants desiring to utilize fund moneys under this •program shall submit to the corporation an application, containing the following information. (1) Name, address, and telephone number of the applicant and evidence of the applicant's status as a sole proprietorship, corporation, partnership, joint venture or other business organization; 164-6 2236 §15-164-23 (2) (3) (4) (5) (6) (7) (8) If the applicant is a corporation, certified copies of the articles of incorporation, and the names, addresses, and telephone numbers of each of the officers and directors of the corporation, and of any shareholder of the corporation holding more than twenty five per cent of the outstanding shares issued by the corporation. If the applicant is a partnership, joint venturer, or sole proprietorship, certified copies of the partnership, joint venture agreement or proprietorship, as applicable, and the names, addresses, and telephone numbers of each of the individual partners, joint venturers, or owners; A resume of the applicant's or project team's experience in the development of housing projects including a list and a brief description of the projects in which the applicant participated; The name, title, address, telephone number, and facsimile number of the person to whom communications should be addressed; Evidence of the applicant's legal authority to incur obligations and to sign and deliver such documents as may be necessary to finance, develop, and construct the project; A current certificate of good standing from the department of commerce and consumer affairs and tax clearance from the department of taxation; Evidence of the applicant*s creditworthiness including, to the extent available, the following financial information, which shall be kept confidential to the extent permitted by law: (A) Three years' fiscal year-end financial statements of the borrowing entity. If the statements are unaudited, tax returns shall be provided; (B) Personal financial statements and tax returns if the borrower or guarantor is an individual; and (C) Any other financial information the corporation deems necessary; Description of all housing projects or facilities owned or operated by the 164-7 2236 §15-164-23 applicant; (9) A description of any financial default, modification of terms and conditions of financing, or legal action taken or pending against the applicant or its principals; (10) Evidence of ability to secure the necessary performance or payment bond or other evidence of surety and the ability to perform the work required to be performed in the housing project proposed; (11) A statement of the applicant's past or current involvement with the corporation or other governmental entity and the assistance, if any, received from those entities; (12) Evidence that the applicant has met the requirements of section 201G-223, and these rules; (13) A project plan, including: (A) Evidence of site control (such as a deed, agreement of sale, commitment letter, or development agreement) or a site acquisition plan (such as a letter of intent), and names and addresses of all legal and equitable holders of an interest in the land and a complete description of each holder's interest in the land; (B) Approximate number of dwelling units, within the proposed project and the total area of the proposed project; (C) Site plan showing the general development of the site, including the locations and descriptions of proposed and existing buildings, parking areas, and service areas; (D) Description of existing improvements within and adjacent to the proposed project, as well as off-site and on-site infrastructure and improvements requirements; (14) Preliminary plans and specifications of typical housing units and other improvements in the project, including the number of proposed housing units, the number and types of structures, the number of stories, and the number of units by size (number of bedrooms and bathrooms); 164-8 2236 §15-164-24 (15) Proposed financing of the project, including: (A) The manner in which the project will be financed during the development and construction of the project and upon completion of the project; (B) The sources of repayment of such financing; (C) Estimated start-up expenses and the sources of funds to meet these expenses; (D) The equity, if any, which the developer intends to contribute to the proposed project; and (E) Budgets and cashflow requirements, showing, among other things, the projected rental rates for the units; (16) Development timetable, market analysis, and other activities relating to a successful development of the project to completion; (17) Comments from the community or community groups; (18) If the proposal for the development will cause displacement, the proposal shall include a program of housing accommodation for displaced persons; (19) Evidence that the project is in compliance with existing state and county zoning and planning laws; (20) Any other information that the corporation finds necessary to determine whether or not the proposed project meets the intent and purposes of section 201G-223, HRS. Additional information may also be requested by the corporation to determine the qualification of the aRtlicant and the project. [Eff U T 9 ~ ]999 ] (Auth: HRS §201G-225) ( Imp: HRS §2 1b-,~3 §6-164-24 Evaluation of requests for program funds. (a) The corporation will review and evaluate each application for program funds, and shall take into consideration factors such as compliance with the purposes and intent of section 201G-223, HRS, and other relevant factors~ (b) In evaluating the requests for program funding, the corporation shall provide a preference to projects meeting the following criteria: 164-9 2286 §15-164-24 (1) Projects which dedicate a greater number of units or a larger proportion of their project for very low and low income persons or families; and (2) Projects which are committed to serving very low and low income persons or families over a longer period of time. The corporation may also include other criteria as it deems necessarx to carry out the purposes of the fund. [Eff OCT i 51999 ] (Auth: HRS §201G-225) (Imp: HRS §201G-223)