Section 15-320-23 - State low income housing tax credit loan(a) Loans under this chapter shall not exceed the maximum loan amount as determined utilizing the following formula: (Credit amount returned x 10) x $0.50.
(b) The corporation reserves the right to make smaller loan awards based on its assessment of the project and the available funding sources.(c) Loans may be provided subject to any additional conditions set forth in this section.(d) The corporation shall set forth the terms and conditions of the loan on a case-by-case basis, including the loan term, repayment schedule, appropriate security, and the like.(e) The corporation shall ensure that loans provided under this section are secured to safeguard against a change in the use or ownership of the project, or the project no longer fulfilling the intended purpose for which the loan was provided. Loans may be secured through use of a forgivable or subordinated mortgage and a regulatory agreement. [Eff OCT 27 2011] (Auth: Act 158, SLH 2011; HRS § 201H-4,) (Imp: Act 158, SLH 2011)