HI Rev Stat § 201H-86 (2021)
2021 Hawaii Revised Statutes|Title 13. Planning and Economic Development|201H. Hawaii Housing Finance and Development Corporation|201H-86 Low-income housing tax credit loan.

  §201H-86 Low-income housing tax credit loan. (a) The corporation may provide a no-interest low-income housing tax credit loan to an owner of a qualified low-income building that has been awarded federal tax credits that are subject to the state housing credit ceiling under section 42(h)(3)(C) of the Internal Revenue Code, federal credits that are allocated pursuant to section 42(h)(4) of the Internal Revenue Code, or a subaward under section 1602 of the American Recovery and Reinvestment Act of 2009, Public Law 111-5. The loan shall be in an amount equal to seventy per cent of the cash value of the amount of the low-income housing tax credit that would otherwise have been claimable with respect to the qualified low-income building under section 235-110.8 for each taxable year in the ten-year credit period, discounted to present day value and capitalized at the rate of interest on the taxable general obligation bonds used to fund the loan.  (b) An owner who is provided a low-income housing tax credit loan under this section shall not be eligible for the state income tax credit under section 235-110.8.  (c) The corporation shall impose conditions or restrictions on the low-income housing tax credit loan, including:  (1) A requirement providing for acceleration and repayment on any no-interest loan under this section to assure that the building with respect to which the loan is made remains a qualified low-income building under section 42 of the Internal Revenue Code or section 1602 of the American Recovery and Reinvestment Act of 2009, Public Law 111-5. Any such repayment shall be payable to the housing finance revolving fund and may be enforced by means of liens or other methods as the corporation deems appropriate;  (2) The same limitations on rent, income, and use restrictions as applied under an allocation of a housing credit dollar amount allocated under section 42 of the Internal Revenue Code; and  (3) The payment of reasonable fees for the corporation to perform or cause to be performed asset management functions to ensure compliance with section 42 of the Internal Revenue Code and the long-term viability of buildings funded by any no-interest loan under this section.  (d) The corporation shall perform asset management functions to ensure compliance with section 42 of the Internal Revenue Code or section 1602 of the American Recovery and Reinvestment Act of 2009, Public Law 111-5, to sustain the long-term viability of buildings funded by a no-interest loan under this section.  (e) The corporation may collect reasonable fees from the owner of a qualified low-income building to cover expenses associated with the performance of the corporation's duties under this section and may retain an agent or other private contractor to satisfy the requirements of this section.  (f) If the owner is not in default, the corporation may forgive the amount remaining under the no-interest loan to the owner of the qualified low-income building after thirty years.  (g) For purposes of this section, "qualified low-income building" shall have the same meaning as used in section 42(c)(2) of the Internal Revenue Code. [L 2011, c 158, §2]