Haw. Rev. Stat. § 201H-73
This is the official text of Haw. Rev. Stat. § 201H-73, part of Hawaii’s Rev. Stat — part of the compiled statutory law of Hawaii, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Issuance of bonds for the preservation of low‑income housing projects.
Official statutory text
[(a)] The corporation, pursuant to and in accordance with this subpart, may issue bonds to purchase low-income housing projects financed by the United States Department of Housing and Urban Development to preserve these projects. Upon the payment of all interest and principal stemming from the issuance of these bonds, the corporation may transfer title to these projects to qualified nonprofit organizations. Nothing in this section shall be construed to:
(1) Prohibit qualified nonprofit or for-profit organizations from operating these projects on behalf of the corporation, or providing for the repair and maintenance of these projects, before the payment of all interest and principal stemming from the issuance of these bonds; or
(2) Prohibit the corporation from transferring title to these projects to qualified nonprofit or for-profit organizations if these bonds can be secured to the satisfaction of the bondholders.
[(b)] As used in this section, "qualified nonprofit organization" includes community-based nonprofit organizations and resident councils. [L 2006, c 180, pt of §4]
(1) Prohibit qualified nonprofit or for-profit organizations from operating these projects on behalf of the corporation, or providing for the repair and maintenance of these projects, before the payment of all interest and principal stemming from the issuance of these bonds; or
(2) Prohibit the corporation from transferring title to these projects to qualified nonprofit or for-profit organizations if these bonds can be secured to the satisfaction of the bondholders.
[(b)] As used in this section, "qualified nonprofit organization" includes community-based nonprofit organizations and resident councils. [L 2006, c 180, pt of §4]
Status: in_force · Read it on the official government site
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