HAR §15-315-20. General description of the program

Under the federal MCC program, an eligible borrower is entitled to a credit against the eligible borrower's federal income tax as a percentage of the interest paid on a mortgage loan which the eligible borrower has obtained to finance the acquisition, qualified rehabilitation, or qualified home improvement of the eligible borrower's principal residence. The corporation shall determine the maximum amount of credit which shall be available to an eligible borrower in accordance with the requirements of the federal MCC program. 315-6 2953 (b) The corporation is merely a conduit for granting the MCC. All underwriting and execution of required corporation and Federal certifications or affidavits will be performed under the mortgage lender participation agreement by the mortgage lenders participating in the program. The corporation will receive executed certifications and affidavits from participating mortgage lenders in order to determine the qualifications and eligibility of borrowers. Participating mortgage lenders may process financing, using normal procedures, with additional procedures at relevant points to satisfy MCC requirements. [Eff DEC O 4 2010 ] (Auth: HRS §201H-16) (Imp: HRS §201H-16) §15-315-21 Election not to issued qualified mortgage bonds. To establish a program, the corporation shall take action to elect not to issue an amount of qualified mortgage bonds that the corporation might otherwise issue under section 103A of the IRC and the regulations thereunder during each calendar year and in lieu thereof to issue MCCs to eligible borrowers in accordance with the requirements of the federal MCC program. The corporation shall follow the requirements of the federal MCC program in making such election. [Ef f DEC O ~ 201G ] (Auth: HRS §201H-16) (Imp: HRS §201H-16)