§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]