HAR §15-313-20. General

(a) The state low income housing tax credit awarded on or before December 31, 2016 shall be fifty percent of the applicable percentage of the qualified basis of each project located in the State. Applicable percentages shall be calculated as provided in section 42(b) of the Code. The state low income housing tax credit awarded after December 31, 2016 shall be fifty percent of the federal credit reservation, and may be claimed over a five-year period. (b) The aggregate amount of the state tax credits allocated within any calendar year within the State may not exceed the State's aggregate housing credit dollar amount for that year. (c) An amount equal to ten per cent of the state aggregate housing credit dollar amount shall be set aside for qualified non-pro t organizations. Additional credits may be reserved or allocated to qualified non-profit organizations from the State's remaining allocation but only after such set-aside amount has been exhausted. 313-15 §15-313-20 (d) State tax credit reservations and allocations are counted against the state aggregate housing credit dollar amount for the calendar year in which the credits are allocated. (e) Credits may not be allocated before the calendar year in which the subject project is placed in service; however, the corporation will accept, review and approve applications for reservations of state tax credits according to the rules set forth in this subchapter. (f) The corporation need not allocate the maximum credit amount for which an applicant otherwise qualifies under Chapter 235, HRS. [Eff 4/23/10; comp JAN 15107' ] (Auth: HRS §§201H-4, 201H-15) (Imp: HRS §§201H-15, 235-110.8) §15-313-21 Application, reservation and allocation of credit. (a) The rules set forth in subchapter 2 of these rules shall apply to the application, selection of applications for state credit reservations, and allocation of credits available under this subchapter except: (1) Applicants applying for both the state and federal credit need only submit a single application fee. (2) An applicant must receive a reservation of federal tax credits to be eligible to receive a state tax credit reservation; and (3) In order to qualify for consideration to receive a reservation of state tax credits under this subchapter, the executive director must first determine that an applicant is likely to qualify to claim the federal income tax low income housing tax credit. 313-16 §15 313-22 (b} In recommending projects for state credit reservations, and in awarding state credit reservations, under this subchapter, the executive director or the board, as the case may be, need not weigh the factors in section 15-313-10 in the identical manner as such factors were weighed in determining an applicant's reservation or allocation of federal tax credits. In considering applications for state tax credits, the executive director and the board may also consider the amount of federal credit that has been reserved or allocated for such applicant in order that the corporation may award available state tax credit incentives so as to maximize the number and quality of low income housing units. [Eff 4/23/10; am and comp JAN 1 5 2077 ] (Auth: HRS §§201H-4, 201H-15) (Imp: HRS §201H-15)