Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 164 - RENTAL ASSISTANCE PROGRAM › Subchapter 3 - INTERIM CONSTRUCTION PROGRAM › Section 15-164-23 - Applications for program funds

Current through June, 2024
(a) Applicants
				  desiring to utilize fund moneys under this program shall submit to the
				  corporation an application, containing the following information.
(1) Name, address, and telephone number of
				  the applicant and evidence of the applicant's status as a sole proprietorship,
				  corporation, partnership, joint venture or other business
				  organization;
(2) If the applicant
				  is a corporation, certified copies of the articles of incorporation, and the
				  names, addresses, and telephone numbers of each of the officers and directors
				  of the corporation, and of any shareholder of the corporation holding more than
				  twenty five per cent of the outstanding shares issued by the corporation. If
				  the applicant is a partnership, joint venturer, or sole proprietorship,
				  certified copies of the partnership, joint venture agreement or proprietorship,
				  as applicable, and the names, addresses, and telephone numbers of each of the
				  individual partners, joint venturers, or owners;
(3) A resume of the applicant's or project
				  team's experience in the development of housing projects including a list and a
				  brief description of the projects in which the applicant
				  participated;
(4) The name, title,
				  address, telephone number, and facsimile number of the person to whom
				  communications should be addressed;
(5) Evidence of the applicant's legal
				  authority to incur obligations and to sign and deliver such documents as may be
				  necessary to finance, develop, and construct the project;
(6) A current certificate of good standing
				  from the department of commerce and consumer affairs and tax clearance from the
				  department of taxation;
(7)
				  Evidence of the applicant's creditworthiness including, to the extent
				  available, the following financial information, which shall be kept
				  confidential to the extent permitted by law;
(A) Three years' fiscal year-end financial
				  statements of the borrowing entity. If the statements are unaudited, tax
				  returns shall be provided;
(B)
				  Personal financial statements and tax returns if the borrower or guarantor is
				  an individual; and
(C) Any other
				  financial information the corporation deems necessary;
(8) Description of all housing projects or
				  facilities owned or operated by the applicant;
(9) A description of any financial default,
				  modification of terms and conditions of financing/ or legal action taken or
				  pending against the applicant or its principals;
(10) Evidence of ability to secure the
				  necessary performance or payment bond or other evidence of surety and the
				  ability to perform the work required to be performed in the housing project
				  proposed;
(11) A statement of the
				  applicant's past or current involvement with the corporation or other
				  governmental entity and the assistance, if any, received from those
				  entities;
(12) Evidence that the
				  applicant has met the requirements of section 2016-223, and these
				  rules;
(13) A project plan,
				  including:
(A) Evidence of site control (such
				  as a deed, agreement of sale, commitment letter, or development agreement) or a
				  site acquisition plan (such as a letter of intent), and names and addresses of
				  all legal and equitable holders of an interest in the land and a complete
				  description of each holder's interest in the land;
(B) Approximate number of dwelling units,
				  within the proposed project and the total area of the proposed
				  project;
(C) Site plan showing the
				  general development of the site, including the locations and descriptions of
				  proposed and existing buildings, parking areas, and service areas;
(D) Description of existing improvements
				  within and adjacent to the proposed project, as well as off-site and on-site
				  infrastructure and improvements requirements;
(14) Preliminary plans and specifications of
				  typical housing units and other improvements in the project, including the
				  number of proposed housing units, the number and types of structures, the
				  number of stories, and the number of units by size (number of bedrooms and
				  bathrooms);
(15) Proposed financing
				  of the project, including:
(A) The manner in
				  which the project will be financed during the development and construction of
				  the project and upon completion of the project;
(B) The sources of repayment of such
				  financing;
(C) Estimated start-up
				  expenses and the sources of funds to meet these expenses;
(D) The equity, if any, which the developer
				  intends to contribute to the proposed project; and
(E) Budgets and cashflow requirements,
				  showing, among other things, the projected rental rates for the
				  units;
(16) Development
				  timetable, market analysis, and other activities relating to a successful
				  development of the project to completion;
(17) Comments from the community or community
				  groups;
(18) If the proposal for
				  the development will cause displacement, the proposal shall include a program
				  of housing accommodation for displaced persons;
(19) Evidence that the project is in
				  compliance with existing state and county zoning and planning laws;
(20) Any other information that the
				  corporation finds necessary to determine whether or not the proposed project
				  meets the intent and purposes of section 2016-223, HRS. Additional information
				  may also be requested by the corporation to determine the qualification of the
				  applicant and the project.