Extra rules for tax-exempt low-income rentals on Hawaiian home lands

(a) For the purposes of this section, the following definition applies unless the context clearly indicates or requires a different meaning. Hawaiian Home Lands. The lands described in the Hawaiian Homes Commission Act, HRS § 201. The definitions provided in § 8-10.17 (a) shall also apply to this section. (b) A low-income rental housing project that occupies Hawaiian home lands and qualifies for an exemption from real property taxes pursuant to § 8-10.17 shall be subject to the following additional terms and conditions: (1) The exemption shall be for the duration of the regulated period; provided that the lease remains in force and effect for the duration of the regulated period. This exemption shall be incorporated into any and all agreements, including regulatory and loan agreements as applicable. (2) If the qualifying housing project is comprised of multiple parcels of land, each parcel comprising the housing project shall be: (A) Exempt from property taxes; and (B) Subject to the assessment of the minimum tax under § 8-11.1 ; provided that for an exempt rental housing project consisting of no more than 100 parcels of land, in the event full payment of the annual minimum tax is received on or before June 30 before the tax year for any one of the parcels comprising the exempt rental housing project, no minimum tax shall be due and owing for the tax year for any of the other parcels comprising the exempt rental housing project; provided further, that no tax bill shall be issued for the June 30 full minimum tax payment.