Section 15-320-3 - Eligibility; minimum requirements(a) Eligibility for state low income housing tax credit loans under this chapter is limited to projects that have been awarded state low-income housing tax credits on or after January 1, 2011. Projects that have been awarded state low-income housing tax credits prior to January 1, 2011 shall not be eligible to participate in this program.(b) Project owners may not apply for a loan under this chapter until two months following the date of their state low-income housing tax credit award.(c) To be eligible for consideration for a loan under this chapter, project owners shall certify and provide documentation satisfactory to the corporation that:(1) They have found a syndicator or investor for the project's Federal low-income housing tax credits;(2) A syndicator or investor for the project's state low-income housing tax credits: (B) Reasonable quoted pricing below the price used in the underwriting in the project's consolidated application; or(C) Quoted state low-income housing tax credit pricing that does not allow the project to remain financially feasible;(3) The low income housing tax credit loan is necessary to ensure that their project is financially feasible; and(4) The project shall be completed by the deadline set forth by the awarded Federal low-income housing tax credit.(d) Project owners that receive a loan under this chapter shall provide written notice to the executive director of their decision to return their state low-income housing tax credit award.[Eff OCT 27 2011] (Auth: Act 158, SLH 2011; HRS § 201H-4,) (Imp: Act 158, SLH 2011)