Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Hawaii Housing Finance and Development Corporation › Chapter 307 - STATE ASSISTED LAND AND HOUSING DEVELOPMENT PROGRAM › Subchapter 2 - DEVELOPMENT OF HOUSING PROJECTS › Section 15-307-24 - Eligible developer, information required; determination by corporation

Current through June, 2024
(a) An individual, partnership, limited
				  liability company, cooperative, including a limited equity housing cooperative
				  as defined in chapter
				  421H, HRS, firm, a profit or a
				  nonprofit corporation, or a public agency that desires to be considered to
				  develop a project either together with the corporation, or independent of the
				  corporation, and who, in connection with the development of a project will need
				  assistance such as acquisition of land or development rights to land,
				  financing, subsidies, exemptions from general excise taxes, or expedited
				  processing of a project under the provisions of chapter
				  201H, HRS, and the rules promulgated
				  thereunder, shall submit to the corporation a developer's application, on forms
				  provided by the corporation, along with any additional information that the
				  corporation determines to be applicable. Information requested may include, but
				  is not necessarily limited to:
(1) Name,
				  address, email address, and telephone number of the applicant and each member
				  of the project team, and evidence of the applicant's status as a corporation,
				  partnership, joint venture or other business organization;
(2) A summary of the role and
				  responsibilities of each team member as it pertains to the project;
(3) If the applicant is a corporation,
				  certified copies of the articles of incorporation, and the names, addresses,
				  email 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, email addresses, and telephone numbers
				  of each of the individual partners, joint venturers, or owners;
(4) A resume of the applicant's experience in
				  the development of housing projects including a list and a brief description of
				  the projects in which the applicant participated;
(5) The name, title, address, email address,
				  and telephone number of the person to whom communications should be
				  addressed;
(6) 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;
(7) A current certificate
				  of good standing from the department of commerce and consumer affairs, tax
				  clearance from the department of taxation, and certification of compliance with
				  department of labor and industrial relations requirements;
(8) Evidence of the applicant's capability to
				  develop, own, manage, and provide appropriate services in connection with
				  housing;
(9) Evidence of the
				  applicant's credit worthiness including the following financial information,
				  which shall be kept confidential to the extent permitted by law:
(A) The most recent year's financial
				  statements. If the statements are unaudited, tax returns shall be provided. In
				  the event the applicant is an entity not yet formed, federal and state tax
				  returns and financial statements for the previous year of the applicant entity,
				  or additional information the corporation may require;
(B) Interim balance sheets and income
				  statements of the applicant and principal developer if the fiscal yearend data
				  is over nine months old;
(C) Tax
				  returns if the applicant or guarantor is an individual;
(D) Articles of incorporation, bylaws,
				  resolutions, and certificates of good standing as are appropriate to support
				  corporate actions; and
(E) Any other
				  financial data deemed appropriate by the corporation for proper
				  credit-worthiness analysis;
(10) The applicant's ties to the community
				  and support from local community groups;
(11) Description of all housing projects or
				  facilities owned or operated by the applicant;
(12) 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;
(13) A description of the applicant's past or
				  current business experience or involvement in any programs or of its provision
				  of services, other than housing, if any, that would give evidence of the
				  applicant's management capabilities;
(14) 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;
(15) A statement of the
				  applicant's past or current involvement with the corporation or its
				  predecessors, and the assistance, if any, received from those
				  entities;
(16) A project proposal in
				  substantial compliance with section 15-307-26, which the applicant intends to
				  submit to the corporation for approval; and
(17) Any other information that the
				  corporation deems necessary to determine the qualification of the
				  applicant.