HAR §15-320-25. Loan forgiveness

The corporation may forgive amounts remaining under the loan to the owner of an eligible project following the completion of the loan term, which shall be a minimum of thirty years and shall not exceed the project ' s affordability term commitment, provided that the project has been in compliance with all requirements throughout the loan term. Project owners are solely responsible for determining and accommodating the potential financial impact of a forgiveness of debt provision could have on the project and its owners. [Eff OCT 27 2011 ] (Auth: Act 158, SLH 2011; HRS §201H-4,) (Imp: Act 158, SLH 2011)