Section 15-306-22 - Exemption for other existing rental projectsThe corporation may certify claimants for exemption of affordable rents of existing rental projects following a conveyance or transfer of ownership, provided that the following conditions are met:
(1) The rental project was previously certified or approved for exemption from general excise taxes by the corporation or its predecessors;(2) The rental project will continue to meet the income criteria of an existing eligible housing project, pursuant to a deed restriction or other written agreement that restricts the use and operation of the project, and is recorded on the project; and(3) The claimant shall reapply for certification of the existing rental project.[Eff 12/11/15] (Auth: HRS §237-29) (Imp: HRS §§ 201H-36, 237-29)