Section 15-313-8 - Application for federal credit reservation(a) Applications on the prescribed forms will be accepted by the corporation and considered as they are received. Applications must be fully completed and contain information as required under this section and by the application.(b) Application for a reservation of federal tax credits shall be commenced by filing with the corporation the following: (1) An application, on such form or forms as the executive director may prescribe;(2) Certified copies of the organizational documents of the applicant, including its articles of incorporation and bylaws, declaration of trust, partnership or limited partnership agreement, together with all amendments thereto and, in the case of nonprofit organizations, a copy of the determination letter from the Internal Revenue Service as to recognition of exemption from federal income taxation. The applicant shall submit the certified copies of the aforementioned documents to the corporation at the time of application;(3) A copy of the applicant's audited annual financial statement prepared in accordance with generally accepted accounting principles covering a period ended within twelve months of the date submitted. In the event the applicant has not commenced material operations, the developer shall be required to submit federal tax returns and financial statements for the previous three years. The applicant must also submit any and all other financial information as requested by the executive director;(4) Evidence of site availability for the project, e.g., a deed, lease, agreement of sale, option agreement or similar document. In the event the applicant does not have proper zoning, a plan and timetable for obtaining proper zoning must be contained in the development schedule;(5) A proposed development timetable;(6) A description certified by the applicant of how the project qualifies for federal tax credits under the Code;(7) A pro forma calculation of the applicant's qualified basis and the amount of federal tax credits requested by the applicant, together with an opinion of a certified public accountant certifying that under the existing facts and circumstances the applicant will be eligible for such qualified basis;(8) A description of the experience of the applicant and its capacity to place the low income housing units in service in accordance with the Code;(9) A pro forma operating budget and information supporting the likelihood of meeting the compliance period set forth in the Code including the sources of funds that will allow the project to remain in compliance for the duration of the compliance period. In addition, a description of funds which will be available to the project in the event the project should operate at a deficit must be included;(10) Financial information relating to the project including a construction or development budget which sets forth, to the satisfaction of the corporation, the sources and the application of funds for development of the project, including the extent to which the applicant is "at risk" under the Code;(11) A covenant by the applicant in a form satisfactory to the executive director that should it be allocated the tax credits applied for that it shall maintain the applicable portion of the project as low income housing units for the extended use period;(12) A market analysis prepared by an independent firm as to the present and projected demand for the proposed development in the market area. Such marketing analysis shall include, but not be limited to, the estimated number of individuals or families in the area within the applicable income limits needing affordable housing, demand for units when a project elected to set aside units for tenants with a special housing need as specified in the Code and the qualified allocation plan, demand for a community service facility that may be elected by the project as defined in the Code, and the comparable rental rates for the area; and(13) Any and all other information as shall be required by the application and requested by the executive director. Any information or materials submitted must be in form and substance satisfactory to the corporation in all respects.(c) The low income housing units for which an application is submitted may, but are not required to be, financed, subsidized, or otherwise assisted by the corporation. If any such housing units are to be financed by the corporation, the application for such financing shall be separately submitted to and received by the corporation in accordance with its applicable procedures and guidelines.(d) Upon the corporation's receipt of a fully completed application, the corporation shall notify the mayor of the county within which the proposed project is to be located. The corporation shall provide the mayor of each county with a thirty day period from the date of notification to comment on the project. [Eff 10/25/99; am and comp 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)