HAR §15-321-13. Applications for loans; funding priority

(a) A nonprofit housing development organization or nonprofit community development financial institution may apply for a loan by submitting an application, on forms prescribed by the corporation, along with any additional information that the corporation deems to be applicable. Information requested by the corporation may include, but is not limited to: (1) The borrower, including principals; (2) Organizational structure and history; (3) Financial statements; (4) Experience in the development or financing of affordable for-sale housing; (5) Project description; (6) Project status and development timetable; (7) Site information; (8) Project financing; (9) If a loan from the fund will be leveraged to obtain capital from the United States Department of the Treasury or other public and private sources, information on: (A) The source(s) of other funding, requirements for funding, and loan terms; (B) The timetable for obtaining outside capital, including how and when loan funds must be disbursed; and (C) How and when loan funds will be disbursed and repaid relative to the other source(s) of funding; 3521 (10) Any other information that the corporation deems necessary to determine the qualification of the applicant and feasibility of the project. (b) The corporation's action on applications shall be subject to the availability of funds. [Eff NOV 27 2023] (Auth: HRS §201H-206) (Imp: HRS §201H-206) ###