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Hawaii Community Reinvestment Corporation
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| What's New |
2010 QCTs/DDA Designation October 2009 - HUD announced its designation of "Qualified Census Tracts" (QCT) and "Difficult to Develop Areas" (DDA) for purposes of the Low Income Housing Tax Credit under Section 42 of the Internal Revenue Code of 1986. The Code defines QCT as any census tract or equivalent geographic area defined by the Bureau of the Census in which at least 50 percent of households have an income less than 60 percent of the AMGI, or whether the poverty rate is at least 25 percent. The Code defines DDA as any area designated by the Secretary of HUD as an area that has high construction, land, and utility costs relative to the AMGI. For 2010, the entire State of Hawaii has been designated as a DDA. For more information and for the official notice, click here. __________
For Immediate Release Contact: David Kamimura Phone: (808) 548-4932 Hawaii Community Reinvestment Corporation Appoints New President September 2009 - The Hawai’i Community Reinvestment Corporation (HCRC) announced the appointment of Gwen Yamamoto-Lau as President of the corporation. “Gwen brings over 20 years of banking and finance experience to HCRC as well as a strong commitment of service to our community through her active involvement with nonprofit and charitable organizations” said David Kamimura, HCRC’s Chairman, “ Under Gwen’s leadership HCRC will continue its mission of helping to expand housing opportunities to low and moderate income families in Hawai’i.” Prior to joining HCRC, Yamamoto-Lau served as President of the Hawaii Central Credit Union, Senior Vice President/Regional Manager with Central Pacific Bank, and Assistant Vice President at First Hawaiian Bank. Born and raised in Hilo, Hawaii, Yamamoto-Lau is a graduate of the University of Hawai’i at Mānoa and the Graduate School of Banking at the University of Wisconsin, Madison. _________
Interest rate update
October 2009 - Interest rates continue to fluctuate and are down from recent weeks. Click here to see updated interest rates for our long-term loans.
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Legislative Update
June 2009
Act 59 - HB1741 was passed by the 2009 Hawaii State Legislature. This bill temporary reduces the distribution portion of the Conveyance Tax transferred to the Rental Housing Trust Fund (RHTF) from 30% to 25% until June 2012. However, the same bill increase the conveyance tax rate for certain sales.
RHTF continues to be a valuable source of funding for affordable housing development. HCRC hopes that the percentage decrease will be offset by the increased tax rate.
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If you have any questions or would like more information, please contact us at
3465 Wai'alae Avenue, Suite 393 Honolulu, HI 96816 Phone: (808) 532-3110 Fax: (808) 524-1069
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Want to learn more about affordable housing?
Check our Resources for links to sites that offer information on affordable housing and Low Income Housing Tax Credit program.
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_______________________________________________________________________________________________________________________________ Calendar | Annual Report | Rates and Application | Project List | Resources | Contact Us | Home Kaimuki Plaza • 3465 Waialae Avenue, Suite 393 • Honolulu, HI 96816 • Phone (808) 532-3110 • Fax (808) 524-1069 • sydney@hcrc-hawaii.org Copyright © 2009 Hawaii Community Reinvestment Corporation. All rights reserved.
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