New HHFDC Fund Helps Nonprofit, Self-help Home Developers

Hawaii Housing Finance & Development Corporation
For Immediate Release: April 29, 2024

The Affordable Homeownership Revolving Fund goes live on May 15

HONOLULU—A new program offered by the Hawaii Housing Finance and Development Corporation sets aside funds for nonprofit community development financial institutions (CDFIs) or other nonprofit housing development organizations who build self-help, for-sale housing for those in low- and moderate-income categories.

“The Affordable Homeownership Revolving Fund (AHRF) provides us with another tool to help us increase the state’s housing inventory for Hawaii families who struggle to purchase a home here,” HHFDC Executive Director Dean Minakami said.

To be eligible, the applicant must develop houses for individuals and families who earn no more than 100% of area median income as determined annually by the U.S. Department of Housing and Urban Development.

“While many of our financial assistance programs seek to help with the development or preservation of affordable rental units, the AHRF was created to help Hawaii developers and their partners create affordable, for-sale housing,” Minakami said. Eligible uses include the planning, design, land acquisition, construction and/or pre-development costs.

The Legislature set aside $5 million for the program which is scheduled to launch May 15 and run until all money is exhausted.

The AHRF is being made possible through Act 227, which was approved by the 2021 Legislature and signed into law by former Governor David Ige.

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MEDIA CONTACT:
Gordon Pang
Housing Information Officer
Hawaii Housing Finance and Development Corporation
Office: 808-587-0597
Cell: 808-341-4069