Hawaii Administrative Rules
Title 17 - DEPARTMENT OF HUMAN SERVICES
Department of Human Services
Chapter 526 - STATE ELDERLY HOUSING PROGRAM
Subchapter 3 - STATE ASSISTANCE TO DEVELOPMENT OF ELDERLY PROJECTS
Section 17-526-23 - Submission of application

(a) A developer may submit an application for an interim construction loan upon a form prescribed by the authority. The application form shall conform to § 17-525-43.

(b) In addition to the information and exhibits for projects requiring federal assistance, the developer shall submit to the authority within one hundred twenty (120) days from the date of application an executed copy of a conditional commitment letter issued by the Federal Housing Administration evidencing assurance that the project qualifies under a program of federal assistance for housing. If the developer shall fail to submit the conditional commitment letter as aforesaid, the application shall become void unless the authority shall have extended the period within which to submit the conditional commitment letter for good cause shown by the developer.

(c) The authority may charge service and commitment fees as well as other ordinary fees relative to the issuance of any interim construction loan. Amount of said fees will be determined on a case by case basis and as approved by the authority. Fees will not be in excess of the usual fees charged by commercial banks or financial institutions in the State of Hawaii.

(d) The rates of interest on interim construction loans issued by the authority under this provision shall not exceed the maximum yield permitted under Section 103(d)(2) of the United States Internal Revenue Code of 1954.