Section 15-320-22 - Selection preferences and priorities(a) In any loan funding round, first preference shall be given to projects that have been awarded low-income housing tax credits under the state housing credit ceiling under Section 42(h)(3)(C) of the Code and section 235-110.8, HRS. (1) Under the first preference set forth in subsection (a) above, eligible projects shall be scored in accordance with the state's qualified allocation plan for the low-income housing tax credit program. Scoring factors contained in the qualified allocation plan, including financial structure, experience, reasonableness of development costs, and project readiness, shall be a component of the overall evaluation, and not the sole determining factor for the awarding of loans.(2) No earlier than two months following an eligible project's low-income housing tax credit award, project owners may request an exchange of state low-income housing tax credits for program loan funds. The deadline to request such an exchange shall be six months following the project's credit award date.(b) If there are available funds remaining after loans for all first preference awardees have been reserved in the funding cycle, second preference may be given to eligible projects that have .been awarded credits allocated pursuant to Section 42(h)(4) of the Code and section 235-110.8, HRS. (1) Eligible projects under the second preference shall be scored in accordance with the state's qualified allocation plan for the low-income housing tax credit program. Scoring factors contained in the qualified allocation plan, including financial structure, experience, reasonableness of development costs, and project readiness, shall be a component of the overall evaluation, and not the sole determining factor for the awarding of loans. The corporation may reserve loan funds for eligible projects under the second preference in order of priority, subject to the availability of funds in the funding round.(2) Projects receiving a loan award under the second preference will be reviewed ten months after the receipt of the award. The corporation shall review the status and progress made by the project. The corporation may rescind the loan award with no further compensation to the project or project owner if it determines, in its sole discretion, that insufficient progress has been made.(c) No project shall be eligible to compete in more than one loan program funding round.[Eff OCT 27 2011] (Auth: Act 158, SLH 2011; HRS § 201H-4,) (Imp: Act 158, SLH 2011)