Section 15-313-20 - General(a) The state low income housing tax credit awarded on or before December 31, 2016 shall be fifty percent of the applicable percentage of the qualified basis of each project located in the State. Applicable percentages shall be calculated as provided in section 42(b) of the Code. The state low income housing tax credit awarded after December 31, 2016 shall be fifty percent of the federal credit reservation, and may be claimed over a five-year period.(b) The aggregate amount of the state tax credits allocated within any calendar year within the State may not exceed the State's aggregate housing credit dollar amount for that year.(c) An amount equal to ten per cent of the state aggregate housing credit dollar amount shall be set aside for qualified non-profit organizations. Additional credits may be reserved or allocated to qualified non-profit organizations from the State's remaining allocation but only after such set-aside amount has been exhausted.(d) State tax credit reservations and allocations are counted against the state aggregate housing credit dollar amount for the calendar year in which the credits are allocated.(e) Credits may not be allocated before the calendar year in which the subject project is placed in service; however, the corporation will accept, review and approve applications for reservations of state tax credits according to the rules set forth in this subchapter.(f) The corporation need not allocate the maximum credit amount for which an applicant otherwise qualifies under Chapter 235, HRS. [Eff APR 23 2010] (Auth: HRS §§ 201H-4, 201H-15) (Imp: HRS §§ 201H-15, 235-110.8)