HAR §15-320-2. Definitions

The following words and terms, when used in these rules, shall have the following meanings, unless the context clearly indicates otherwise: "Asset management " means monitoring eligible projects and owners under this program to ensure compliance with all applicable Code requirements in conjunction with corporation compliance monitoring procedures for the Federal low-income housing tax credit program. "Board" means the board of directors of the Hawaii housing finance and development corporation. " Code" means the Internal Revenue Code of 1986, as amended, and the regulations promulgated there under. " Consolidated application" means the consolidated application for financing prepared by the corporation and completed by the project owner during the original low-income housing tax credit application process. " Corporation" means the Hawaii housing finance and development corporation established pursuant to chapter 201H, Hawaii Revised Statutes. " Executive director " means the executive director of the corporation or the executive director's designated representative. " Funding round" means the competitive selection process among projects awarded state low-income housing tax credits by the corporation in a specific calendar year. " HAR" means the Hawaii Administrative Rules. " HRS" means the Hawaii Revised Statutes, as amended, and the rules promulgated there under. " Owner " means the owner or owners of qualified low income housing units or investors in such units. " Project" means a qualified low income housing project as that term is defined in section 42(g) of the Code. 320-3 2973 §15-320-2 "Readiness to proceed 11 means the ability to commence construction on a timely basis. Evidence of readiness to proceed can include, but is not limited to, executed construction contracts, building permits, binding commitments for construction financing, and compliance with, or approved variances from, zoning requirements. 11State 11 means the State of Hawaii. "State low income housing tax creditsu or "state tax credits" means the credits prescribed in section 235-110.8, HRS, for application against state income tax liability. "State low income housing tax credit loan" or 11 loan 11 means a loan made pursuant to this chapter. [Eff OCT 27 2011 ] (Auth: Act 158, SLH 2011; HRS §201H-4,) (Imp: Act 158, SLH 2011) 15-320-3 Eligibility; minimum requirements. (a) Eligibility for state low income housing tax credit loans under this chapter is limited to projects that have been awarded state low-income housing tax credits on or after January 1, 2011. Projects that have been awarded state low-income housing tax credits prior to January 1, 2011 shall not be eligible to participate in this program. (b) Project owners may not apply for a loan under this chapter until two months following the date of their state low-income housing tax credit award. (c) To be eligible for consideration for a loan under this chapter, project owners shall certify and provide documentation satisfactory to the corporation that: ( 1) They have found a syndicator or investor for the project's Federal low-income housing tax credits; 320-4 29 7 3 - §15-320-2 "Readiness to proceed" means the ability to commence construction on a timely basis. Evidence of readiness to proceed can include, but is not limited to, executed construction contracts, building permits, binding commitments for construction financing, and compliance with, or approved variances from, zoning requirements. " State " means the State of Hawaii. " State low income housing tax credits" or "state tax credits" means the credits prescribed in section 235-110.8, HRS, for application against state income tax liability. " State low income housing tax credit loan" or " loan" means a loan made pursuant to this chapter. [ Eff OCT 27 2011 ] (Auth : Act 158, SLH 2011; HRS §201H-4,) (Imp: Act 158, SLH 2011) 15-320-3 Eligibility; minimum requirements. (a) Eligibility for state low income housing tax credit loans under this chapter is limited to projects that have been awarded state low-income housing tax credits on or after January 1, 2011. Projects that have been awarded state low-income housing tax credits prior to January 1, 2011 shall not be eligible to participate in this program. (b) Project owners may not apply for a loan under this chapter until two months following the date of their state low-income housing tax credit award. (c) To be eligible for consideration for a loan under this chapter, project owners shall certify and provide documentation satisfactory to the corporation that: (1 ) They have found a syndicator or investor for the project's Federal low-income housing tax credits; 320-4 2973 §15-320-4 (2) A syndicator or investor for the project's state low-income housing tax credits: (A) Could not be found; (B) Reasonable quoted pricing below the price used in the underwriting in the project's consolidated application; or (C) Quoted state low-income housing tax credit pricing that does not allow the project to remain financially feasible; (3) The low income housing tax credit loan is necessary to ensure that their project is financially feasible; and (4) The project shall be completed by the deadline set forth by the awarded Federal low-income housing tax credit. (d) Project owners that receive a loan under this chapter shall provide written notice to the executive director of their decision to return their state low-income housing tax credit award. [Eff OCT 2 7 2011 ] (Auth: Act 158, SLH 2011; HRS §201H-4,) (Imp: Act 158, SLH 2011)