Haw. Code R. § 15-315-21 - Election not to issued qualified mortgage bonds
To establish a program, the corporation shall take action to elect not to issue an amount of qualified mortgage revenue bonds that the corporation might otherwise issue under section 103A of the IRC and the regulations thereunder during each calendar year and in lieu thereof to issue MCCs to eligible borrowers in accordance with the requirements of the federal MCC program. The corporation shall follow the requirements of the federal MCC program in making such election.
Notes
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