HAR §15-312-5. General requirements

(a) In order to qualify as an eligible project, a multi-family rental housing project must be able to meet the following criteria: (1) The project must be financed by an eligible project loan approved by the corporation; (2) The project must contain one or more similarly constructed units that are not designed to be used on a transient basis (i.e. the units must include full kitchens and bathrooms) ; (3) The project must maintain at least twenty per cent of the units as rentals for eligible tenants; (4) The project must be maintained as a residential rental housing project continuously throughout the qualified project period; and (5) The project must be subject to a regulatory agreement with the corporation. (b) Construction of an eligible project must be completed within thirty months from the sale of the bonds to ensure that the eligible project loan can be completely funded prior to the lapse of thirty-six months from the date of the bond sale. [Eff 4/23/2010; comp JAN 1 5 2022 ] (Auth: HRS §201H-97) (Imp: HRS §§201H-102, 201H-104, 201H-105, 201H-106)