Section 15-321-17 - Financing requirements(a) The corporation may make loans to nonprofit community development financial institutions or nonprofit housing development organizations for the purposes set forth in section 15-321-12.(b) The corporation, through board action, may at any time approve or disapprove any loan provided pursuant to this chapter.(c) The loan amount shall not exceed the actual cost of the project, including the land cost, total construction contract price, architectural and engineering fees, interest on the loan, legal and accounting expenses, construction insurance and performance bond premiums, and such other related expenses and costs as are directly attributable to the development and construction of the project; provided that in no event shall the loan amount exceed a loan-to-value ratio of one hundred per cent.(d) Interim loans shall be funded in accordance with section 201H-43, HRS.(e) Mortgage and security requirements may include the condition that the corporation will make no disbursements of the loan amount until it receives satisfactory evidence that there exists a means of repayment of the project loan and, if the loan will be used to satisfy a matching fund requirement, that said financing assistance has been approved and disbursement of loan funds is required.(f) A building loan agreement or other security agreements, as appropriate, shall be executed on approval of the loan upon such terms and conditions as the corporation may require.(g) The corporation may impose such requirements, including restrictions covering the sale of dwelling units set forth in section 201H-47, HRS, or such other restrictions.(h) The corporation shall establish provisions for monitoring development milestones and, if applicable, status of obtaining funding from the United States Department of the Treasury or other public or private sources of capital.(i) The corporation shall have the right to rescind or recapture moneys loaned if the terms of the contract are not fulfilled.[Eff 11/27/2023] (Auth: HRS § 201H-206) (Imp: HRS § 201H-206)