The program accepted its first application in October 1993. The rules are similar to the Rental Housing Trust Fund’s interim construction financing. To supplement the $11.5 million currently remaining in the interim construction financing program, a taxable bond is planned. At an approximated rate of 8% for the taxable bond funds and 0% for the interim construction financing program funds, it is projected that the interest rate on the rental interim construction fund will be approximately 4 – 5 percent. Applications are accepted on a continual basis.
The interim construction financing is to be used solely for rental housing and preference must be given first to private non-profit and for-profit entities and secondly to the Corporation.
Chapter 201G, Subpart III.C., Hawaii Revised Statues.
NOTE: Reference will change on July 1, 2006.
- Maintain at least 20 percent of its units for eligible tenants. Eligible tenants are family or an individual whose income does not exceed 80 percent of the area median income as determined by the United States Department of Housing and Urban Development.
- Are subject to a regulatory agreement and contract with the Corporation.