§206E-15  Residential projects; cooperativeagreements.  (a)  If the authority deems it desirable to develop aresidential project, it may enter into an agreement with qualified persons toconstruct, maintain, operate, or otherwise dispose of the residential project. Sale, lease, or rental of dwelling units in the project shall be as providedby the rules established by the authority.  The authority may enter intocooperative agreements with the Hawaii housing finance and development corporationfor the financing, development, construction, sale, lease, or rental ofdwelling units and projects.

(b)  The authority may transfer the housingfees collected from private residential developments for the provision ofhousing for residents of low- or moderate-income to the Hawaii housing financeand development corporation for the financing, development, construction, sale,lease, or rental of such housing within or without the community developmentdistricts.  The fees shall be used only for projects owned by the State orowned or developed by a qualified nonprofit organization.  For the purposes ofthis section, "nonprofit organization" means a corporation,association, or other duly chartered organization registered with the State,which organization has received charitable status under the Internal RevenueCode of 1986, as amended. [L 1976, c 153, pt of §1; am L 1979, c 126, §2; am L1987, c 337, §8; am L 1990, c 86, §7; am L 1997, c 350, §14; am L 2005, c 196,§26(b); am L 2006, c 180, §16]