Section 15-320-20 - Funding availability; loan program funding rounds(a) The availability of state low income housing tax credit loans shall be subject to the appropriation of funds for this program.(b) When, in the executive director's sole discretion, it is determined that sufficient funds are available, the corporation shall establish a loan program funding round. The funding round shall be limited to owners and projects awarded state low-income housing tax credits in a specific calendar year, and shall be awarded on a competitive basis.(c) The executive director shall provide a written notification of funding availability to eligible project owners. The notification shall include, but is not limited to, the amount of funds available for loans and loan application deadlines and timetables. [Eff OCT 27 2011] (Auth: Act 158, SLH 2011; HRS § 201H-4,) (Imp: Act 158, SLH 2011)