§246-39 - Exemption for low and moderate-income housing. - Hawaii Statutes

     §246-39  Exemption for low and moderate-income housing.  (a)  For the purposes of this section, "nonprofit or limited distribution mortgagor" means a mortgagor who qualifies for and obtains mortgage insurance under sections 202, 221(d)(3), or 236 of the National Housing Act as a nonprofit or limited distribution mortgagor.

     (b)  Real property used for a housing project which is owned and operated by a nonprofit or limited distribution mortgagor or which is owned and operated by a person, corporation or association regulated by federal or state laws or by a political subdivision of the State or agency thereof as to rents, charges, profits, dividends, development costs and methods of operation, shall be exempt from property taxes.

     (c)  Exemptions claimed under this section shall disqualify the same property from receiving an exemption under section 53-38.

     (d)  The director of taxation shall, pursuant to chapter 91, promulgate rules and regulations necessary to administer this section. [L 1967, c 135, §§1, 2; HRS §246-39; am L 1969, c 89, §1; am L 1972, c 200, §6]