Section 15-164-12 - Rental assistance contracts; sharing of appreciation(a) The corporation may enter into an agreement to enter into a rental assistance contract in accordance with section 2016-224, HRS. The agreement shall provide for the execution of a rental assistance contract upon satisfaction of the terms set forth in the procedural handbook. The maximum annual rental assistance payment amount shall be determined pursuant to the procedural handbook. The rate of return on owner's equity shall not exceed fifteen per cent annually.(b) The corporation shall be entitled to share in the appreciation of the value of units maintained for eligible tenants within an eligible project realized at the time of refinancing or prepayment of the eligible project loan in accordance with section 2016-225, HRS; provided that the corporation shall exempt projects owned by a county from this shared appreciation requirement if all of the following requirements are met: (1) The funds derived by the county as a result of appreciation in value of the units are used for housing projects where in: (A) At least sixty per cent of the project is affordable to families earning up to one hundred per cent of the area median income as determined by the United Stated Department of Housing and Urban Development and as adjusted for family size; and(B) At least one-half of the foregoing sixty per cent is affordable to families earning up to eighty per cent of the area median income as determined by the United Stated Department of Housing and Urban Development and as adjusted for family size; and(2) The project from which the appreciation in value is derived remains as affordable as it was prior to the refinancing or prepayment of the eligible project loan.(c) The discount rate used in calculating the corporation's share of the appreciation in value shall be as stated in the rental assistance contract, but shall not exceed fifteen percent,[Eff OCT 25 1999] (Auth: HRS § 2016-225) (Imp: HRS § 2016-225)