Section 15-320-1 - Purpose(a) The purpose of this program is to encourage the development and preservation of rental housing for low income households by creating a cost-effective financing mechanism for projects that are awarded state low-income housing tax credits.(b) It is the intent of the corporation to limit participation in this loan program to owners of qualified low-income buildings in the state of Hawaii that have: (1) Been awarded state low-income housing tax credits;(2) Certified that they have made a good faith attempt to syndicate, or otherwise find an investor for, their state low-income housing tax credits prior to requesting a loan under these rules;(3) Found a syndicator or investor for their federal low-income housing tax credits; and(4) Demonstrated readiness to proceed with the development or preservation of their rental housing project in a timely fashion.(c) It is also the intent of the corporation to require projects and owners of qualified low-income buildings who opt to request a loan under these rules to comply with all requirements imposed by the Federal low-income housing tax credit program under Section 42 of the Code, section 235-110.8, HRS, and rules and requirements thereof. [Eff OCT 27 2011] (Auth: Act 158, SLH 2011; HRS § 201H-4,) (Imp: Act 158, SLH 2011)