HAR §15-165-33. Housing project loan program

~a) The corporation may, with the board's approval, issue and sell securities in order to provide below-market rate interest loans for the development, construction, 165-14 2237 §15-165-34 acquisition, preservation, and substantial rehabilitation of affordable housing projects. (b) Securities issued under this program may be leveraged with other resources, including available funds from the rental assistance program administered by the corporation in order to furthlr +ox~ construction t inancing costs. t Eff uC . l n 1999 1 (Auth: HRS §201G-4, 201G-243) (Imp: HRS SS201G-242, 201G-243) SlS-165-34 Process and procedures. (a) Eligible project loan applications and eligible project loan servicing agreement applications shall be available at the principal office of the corporation. (b) In order for a qualified sponsor to submit an eligible project loan application, the qualified sponsor shall also submit an eligible project loan servicing agreement application or evidence satisfactory to the corporation of other servicing arrangements and evidence that the eligible project has received a conditional commitment or site appraisal and marketing analysis letter from the federal housing administration or similar commitment documents from other insuring or guaranteeing agencies of the federal government or other evidence that the eligible project loan meets the requirements specified in the procedural guide by the corporation for eligible project loans not insured or guaranteed by the federal government. (c) After receipt of eligible project loan applications and other documents required in subsection (b) above, the corporation shall, subject to such terms and conditions as described in the procedural guide, issue its commitment letter to the qualified sponsor. (d) The corporation shall establish fees and charges payable to the corporation and the eligible project loan servicer and shall establish such restrictions, as deemed necessary, on the annual return to the qualified sponsor, as described in the: (1) Commitment letter; (2) Eligible project loan servicing agreement; and (3) Procedural guide. (e) The operation and implementation of the housing project loan program shall be conducted in accordance with these rules and the procedural guide as amended or supplemented from time to time by the 165-15 2237