Section 15-313-7 - General(a) The aggregate amount of the federal tax credits (other than credits for developments financed with certain tax-exempt bonds) reserved or allocated for the calendar year within the State may not exceed the State's federal tax credit ceiling for that year.(b) An amount equal to ten per cent of the State's federal tax credit ceiling shall be set aside for qualified nonprofit organizations. Upon the reservation or allocation of all credits initially set aside for nonprofit organizations, additional reservations or allocations of credits may be made to nonprofit organizations from the State's remaining federal tax credit ceiling.(c) Federal tax credit allocations shall be counted against the State's annual federal tax credit ceiling for the calendar year in which the credits are reserved or allocated.(d) Credits may not be allocated before the calendar year in which the subject project is placed in service; however, the corporation may accept, review and approve applications for reservation of credits as provided in sections 15-313-8 to 15-313-10 subject to the satisfaction of certain terms and conditions.(e) The amount of credits reserved or allocated to a project shall be limited to the amount that the corporation, in its sole discretion, deems necessary for the financial feasibility of the project and its viability as a qualified low-income housing project throughout the credit period as described in the Code. Such a determination shall not be construed to be a representation or warranty as to the feasibility or viability of the project.(f) The corporation shall prepare and update not less than every three years, a state housing needs assessment to identify the housing needs existent at that time.(g) The corporation shall develop and update not less than every three years, a qualified allocation plan for distributing tax credits. The qualified allocation plan and its method of development shall comply with requirements of the Code.(h) The corporation shall enter into an extended low income housing commitment with the project owner as required by the Code. [Eff APR 23 2010] (Auth: HRS §§ 201H-4, 201H-15) (Imp: HRS § 201H-15; 26 U.S.C. 42(h)(3)(c); 52 Fed. Reg. 23433 § 1.42-1T)