HAR §15-315-27. Acquisition cost limits

(a) The acquisition cost limits applicable to the MCC program for the counties of Honolulu, Maui, Kauai and Hawaii, shall be determined using revenue procedures issued by the IRS pursuant to 26 U.S.C. 143(e) and shall remain in effect until rendered obsolete by the issuance of a new IRS revenue procedure. 315-9 §15-315-27 295~ §15-315-27 (b) The corporation shall adjust MCC program acquisition cost limits upon the issuance of new IRS revenue procedures. Because the IRS revenue procedures are mandatory and the corporation has no discretion to amend or change the revenue procedures, new MCC program acquisition cost limits shall be established without a public hearing pursuant to section 91-3, HRS. (c) The above limits apply only to fee simple fully completed units. Leasehold residences and uncompleted units are subject to certain adjustments in determining their "acquisition cost" as defined by the IRS. [Eff DEC O ,f. ~JlQ ] (Auth: HRS §201H-16) (Imp: HRS §201H-16) ' , SUBCHAPTER 4 MISCELLANEOUS