Section 15-164-22 - Project criteria for funding; minimum requirements Affordable rental housing projects funded in whole or in part through loans under this program must meet the following criteria:
(1) At least twenty per cent of the units in the project are rented to households with incomes of up to fifty per cent of the area median income as determined by the U.S. department of housing and urban development; or(2) At least forty per cent of the units are rented to households with incomes of up to sixty per cent of the area median income, as determined by the U.S. department of housing and urban development; or(3) At least sixty per cent of the units must be rented to households with incomes of up to one hundred forty per cent of the area median income, as determined by the U.S. department of housing and urban development; provided, however, that if there is an insufficient number of persons or families who meet the income qualifying criteria for admission into the housing project, the corporation may permit the developer to rent units to higher income tenants in order to ensure full occupancy of funded projects.[Eff OCT 25 1999] (Auth: HRS § 2016-225) (Imp: HRS § 2016-223)