Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 313 - LOW INCOME HOUSING TAX CREDIT PROGRAM › Subchapter 1 - GENERAL PROVISIONS › Section 15-313-2 - Definitions

Current through June, 2024
The following words and terms, when used in these rules,
					 shall have the following meanings, unless the context clearly indicates
					 otherwise:
"Application" means the application by prospective owners
					 of low income rental housing projects for federal and state low income housing
					 tax credits.
"Board" means the board of directors of the Hawaii housing
					 finance and development corporation.
"Code" means the Internal Revenue Code of 1986, as amended,
					 and the regulations promulgated thereunder.
"Compliance period" has the same meaning as in §42 (i)
					 (1) of the Code.
"Corporation" means the Hawaii housing finance and
					 development corporation established pursuant to chapter
					 201H, Hawaii Revised
					 Statutes.
"Credits" means the low income housing tax credits as
					 described in the Code or the HRS, as the case may be.
"Credit period" has the same meaning as in §42(f)(1)
					 of the Code.
"Executive director" means the executive director of the
					 corporation or the executive director's designated representative.
"Extended low income housing commitment" means a regulatory
					 agreement between the corporation and owner as defined by the Code.
"Extended use period" has the same meaning as in
					 §42(h)(6)(D) of the Code.
"Federal credit reservation" means a reservation of federal
					 low income housing tax credits.
"Federal low income housing tax credits" or "federal tax
					 credits" means the credits prescribed in the Code for application against
					 federal income tax liability.
"Form 8609" means IRS form 8609 - low income housing credit
					 allocation and certification, issued by the corporation, which allocates the
					 federal low income housing tax credits.
"HRS" means the Hawaii Revised Statutes,, as amended, and
					 the rules promulgated thereunder.
"Low income housing units" means a housing unit or units
					 which meet the applicable requirements in section 42 of the Code or section
					 235-110.8,
					 HRS, to qualify for the credits thereunder.
"Owner" means the owner or owners of low income housing
					 units or investors in such units.
"Project" means a qualified low income housing project as
					 that term is defined in section 42(g) of the Code.
"Qualified allocation plan" means the mechanism by which
					 the corporation promulgates the criteria by which it will determine which
					 projects will be granted a reservation of tax credits.
"Qualified non-profit organization" means the same as
					 defined in the Code, section 501(c)(3).
"State" means the State of Hawaii.
"State credit reservation" means a reservation of state low
					 income housing tax credits.
"State housing needs assessment" means the housing study
					 prepared to identify the geographic and demographic areas in greatest
					 need.
"State low income housing tax credits" or 'state tax
					 credits" means the credits prescribed in section
					 235-110.8,
					 HRS, for application against state income tax liability.