§246-39  Exemption for low andmoderate-income housing.  (a)  For the purposes of this section,"nonprofit or limited distribution mortgagor" means a mortgagor whoqualifies for and obtains mortgage insurance under sections 202, 221(d)(3), or236 of the National Housing Act as a nonprofit or limited distributionmortgagor.

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

(c)  Exemptions claimed under this sectionshall disqualify the same property from receiving an exemption under section53-38.

(d)  The director of taxation shall, pursuantto chapter 91, promulgate rules and regulations necessary to administer thissection. [L 1967, c 135, §§1, 2; HRS §246-39; am L 1969, c 89, §1; am L 1972, c200, §6]