Affordable Homeownership Revolving Fund
Hawaiʻi Housing Finance and Development Corporation
Low-interest loans to nonprofits that build affordable for-sale housing.
No per-loan maximum is stated. The page lists total funding of $5,000,000, with $208,200 available as of September 30, 2025.
OpenLoanHousing, Community and Economic Development
The catch: These are loans at a fixed 1% to 2% a year, with a $1,000 application fee and origination and extension fees of 0.5% to 1% of the loan amount. Pre-development loans are limited to one per project. Most of the fund was already in process as of September 30, 2025.
Next deadline: Rolling · Applications are accepted continuously until funding is exhausted.
Eligibility, how to apply, match, contact
- Eligibility
- Community Development Financial Institutions certified by the U.S. Treasury and nonprofit housing development organizations, for projects that meet the affordability requirements of Act 227 and the program's administrative rules.
- How to apply
- Submit the completed AHRF application with all required exhibits, following the application instructions on the program page.
- Applicant types
- Nonprofit
- Award size
- No per-loan maximum is stated. The page lists total funding of $5,000,000, with $208,200 available as of September 30, 2025.
- Funding source
- State
- Geography
- Statewide
- Contact
- tel: (808) 587-0567;
- Statutory authority
- HRS section 201H-206; Act 227, Session Laws of Hawaiʻi 2021; Hawaiʻi Administrative Rules Chapter 15-321
Dwelling Unit Revolving Fund
Hawaiʻi Housing Finance and Development Corporation
Interim and permanent loans to developers for affordable for-sale and rental housing.
Varies — check official page
Confirm with agencyLoanHousing, Community and Economic Development
The catch: This is loan financing from a revolving fund and is repaid. The page states no terms; confirm rates, fees and requirements with HHFDC.
Next deadline: Varies — check official page · No deadline is stated; application forms for for-sale and rental projects are posted on the page.
Eligibility, how to apply, match, contact
- Eligibility
- The page does not list eligibility criteria. It posts separate application forms for for-sale projects and for rental projects.
- How to apply
- Download the DURF application for the project type (for-sale or rental, Excel format) from the program page and submit it to HHFDC.
- Applicant types
- Business, Nonprofit, Public Agency
- Award size
- Varies — check official page
- Funding source
- State
- Geography
- Statewide
- Contact
- tel: (808) 587-0620;
- Statutory authority
- Act 105, Session Laws of Hawaiʻi 1970; Act 132, Session Laws of Hawaiʻi 2016
General Excise Tax Exemption for Affordable Housing
Hawaiʻi Housing Finance and Development Corporation
Certification that exempts affordable housing projects from the general excise tax.
An exemption from the general excise tax; no dollar amount applies
Confirm with agencyOtherHousing, Community and Economic Development
The catch: An application fee applies: for July 1, 2026 through June 30, 2027, $613 for the exemption of a project and claimant, $368 for each later certification of claimants, and $368 for the annual certification of rental income.
Next deadline: Varies — check official page · No deadline is stated. Application fees are adjusted each July 1.
Eligibility, how to apply, match, contact
- Eligibility
- A qualified person or firm involved with a newly constructed or moderately or substantially rehabilitated affordable housing project that HHFDC certifies as eligible.
- How to apply
- Submit the HHFDC GET Certification Form with Form G-37 and Schedule A and the application fee to HHFDC.
- Applicant types
- Business, Nonprofit
- Award size
- An exemption from the general excise tax; no dollar amount applies
- Funding source
- State
- Geography
- Statewide
- Statutory authority
- Hawaiʻi Administrative Rules section 15-306-3 (application fees)
Hale Kamaʻāina Mortgage Program
Hawaiʻi Housing Finance and Development Corporation
Fixed-rate 30-year first mortgages for first-time homebuyers.
Purchase price limits as of June 13, 2026 run from $613,662 (Hawaiʻi County, non-targeted) to $1,661,833 (Maui and Kalawao, targeted); the loan amount depends on the purchase
Confirm with agencyLoanHousing, Community and Economic Development
The catch: This is a mortgage that must be repaid. Borrowers receive a recapture tax notice, the home must be the borrower's principal residence, and household income and the purchase price must stay within the county limits.
Next deadline: Varies — check official page · No deadline is stated. The page posts current mortgage rates and borrowers apply through participating lenders.
Eligibility, how to apply, match, contact
- Eligibility
- A U.S. citizen or resident alien who is a bona fide Hawaiʻi resident, at least 18, with household income within program limits, who has completed a HUD-approved homeownership counseling program and is buying a principal residence. The borrower and spouse must not have owned a principal residence in the past three years; exceptions may apply to veterans and purchases in targeted areas. Income and purchase price limits vary by county and household size.
- How to apply
- Contact a participating lender, which reviews eligibility, pre-qualifies the borrower and takes the loan application. Complete homebuyer education with a HUD-certified housing counseling agency, then find a home with a licensed real estate agent.
- Applicant types
- Individual
- Award size
- Purchase price limits as of June 13, 2026 run from $613,662 (Hawaiʻi County, non-targeted) to $1,661,833 (Maui and Kalawao, targeted); the loan amount depends on the purchase
- Geography
- Statewide
HHFDC Equity Pilot (DURF DEP Program)
Hawaiʻi Housing Finance and Development Corporation
Zero-interest second mortgages that lower the purchase cost of designated starter homes for shortage-profession workers.
Set per project: $103,300 per unit at Kuilei Place; 15% of the sales price for one-bedroom units and 10% for two-bedroom units at Kahuina
Confirm with agencyLoanHousing, Community and Economic DevelopmentEmployment, Labor & Training
The catch: The contribution is a second mortgage the buyer must repay under the program's terms. Outside lenders are not allowed, no gift funds may be used, and the buyer must live in the unit.
Next deadline: Varies — check official page · No deadline is stated; the program is offered on designated units in approved developments while they are available.
Eligibility, how to apply, match, contact
- Eligibility
- A Hawaiʻi resident who owns no real property anywhere, has received no gift funds, will be an owner-occupant for as long as the program is in place, and works in a profession HHFDC has identified as facing a shortage, such as healthcare, education, law enforcement and corrections, certain City and County of Honolulu positions, or agricultural field work.
- How to apply
- Prequalify with one of the project's preferred lenders, download the DEP affidavit packet from the project's website or sales office, complete and notarize it with supporting documents, and submit it through the project's sales team. HHFDC reviews it and notifies the sales agent.
- Applicant types
- Individual
- Award size
- Set per project: $103,300 per unit at Kuilei Place; 15% of the sales price for one-bedroom units and 10% for two-bedroom units at Kahuina
- Funding source
- State
- Geography
- Designated units in HHFDC-approved developments
Hula Mae Multi-Family Program
Hawaiʻi Housing Finance and Development Corporation
Tax-exempt revenue bond financing for new or rehabilitated rental housing.
Varies — check official page
Confirm with agencyLoanHousing, Community and Economic Development
The catch: Financing depends on private activity bond volume cap and the Governor's approval. Income restrictions last the longer of 15 years or the bond term under a Regulatory Agreement. For the 2026 round, no more than 30% of the aggregate basis of the building and land could be financed with tax-exempt obligations.
Next deadline: Varies — check official page · Applied for through the Consolidated Application funding round. The 2026 round opened December 19, 2025; the Letter of Intent and fees were due January 16, 2026 and applications February 20, 2026. No later round is posted.
Eligibility, how to apply, match, contact
- Eligibility
- Nonprofit or for-profit owners qualified by experience and financial responsibility who agree to a Regulatory Agreement with HHFDC. Projects must set aside at least 20% of units for tenants under 50% of area median income, or 40% of units for tenants under 60% of area median income, for the longer of 15 years or the term of the bond.
- How to apply
- Submit a completed Consolidated Application to HHFDC, following the instructions and schedule of important dates in the application package. The owner must submit its financing team (trustee, lender, underwriter, bond counsel) for HHFDC approval.
- Applicant types
- Business, Nonprofit
- Award size
- Varies — check official page
- Funding source
- Other
- Geography
- Statewide
- Submit via
- true
- Contact
- name: HHFDC Finance Branch; tel: (808) 587-0620;
Low-Income Housing Tax Credit
Hawaiʻi Housing Finance and Development Corporation
Federal and state tax credits allocated to affordable rental housing projects.
State credit equal to 50% of the federal credit; no dollar cap is stated on the page
Confirm with agencyTax creditHousing, Community and Economic Development
The catch: Income and rent restrictions under Section 42 apply for the compliance period and are monitored. Application fees are due with the Letter of Intent. HHFDC advises consulting tax counsel or a CPA before applying.
Next deadline: Varies — check official page · Competitive funding rounds through the Consolidated Application. The 2026 round opened December 19, 2025; the Letter of Intent and fees were due January 16, 2026 and applications February 20, 2026. No later round is posted.
Eligibility, how to apply, match, contact
- Eligibility
- Owners of rental projects that meet Section 42 of the Internal Revenue Code: at least 20% of units rented to households at or below 50% of area median income, or at least 40% of units rented to households at or below 60% of area median income, with rents restricted by unit size and HUD income limits. Full requirements are in the State's Qualified Allocation Plan.
- How to apply
- During the funding round, submit a completed Consolidated Application to HHFDC. In 2026 applicants first had to send a Letter of Intent with full payment of application fees by certified mail, attend a mandatory training, and then submit through the Procorem online portal.
- Applicant types
- Business, Nonprofit
- Award size
- State credit equal to 50% of the federal credit; no dollar cap is stated on the page
- Funding source
- Federal and State
- Geography
- Statewide
- Submit via
- true
- Contact
- name: HHFDC Finance Branch; tel: (808) 587-0620;
- Statutory authority
- Internal Revenue Code Section 42
Mixed Income Rental Program
Hawaiʻi Housing Finance and Development Corporation
Construction and permanent loans for new mixed-income rental housing.
Requests are limited to $25,000,000 per project unless HHFDC approves otherwise
OpenLoanHousing, Community and Economic Development
The catch: This is loan financing, not a grant. A $2,000 application fee is due with the Letter of Intent. Affordability restrictions run at least 30 years and survive any sale or refinancing. As a pilot, the program may be modified, suspended or ended by HHFDC at any time, and awards need approval by the HHFDC Board.
Next deadline: Dec 31, 2026 · Rolling application process within the fiscal year 2027 pilot funding round: opened July 1, 2026, and applications are accepted until December 31, 2026, unless HHFDC changes the date.
Eligibility, how to apply, match, contact
- Eligibility
- Projects that create new rental units and reserve at least 20% of units for households at or below 140% of area median income, with units of comparable quality across income levels. The applicant must show site control at application and project readiness, and must commit to affordability for at least 30 years and at least five years beyond the maturity of the program loan and any senior permanent financing. Rehabilitation of existing occupied rental housing is not eligible in the pilot round.
- How to apply
- Submit the Letter of Intent (an Excel workbook with a self-score) and the application fee to HHFDC by email and certified mail. HHFDC then invites the development team to the Procorem WorkCenter, where the consolidated application is completed.
- Applicant types
- Business, Nonprofit
- Award size
- Requests are limited to $25,000,000 per project unless HHFDC approves otherwise
- Funding source
- State
- Geography
- Statewide
- Submit via
- true
- Contact
- name: HHFDC Finance Branch; tel: (808) 587-0620;
- Statutory authority
- HRS section 201H-202(f); Act 159, Session Laws of Hawaiʻi 2025
Rental Housing Revolving Fund
Hawaiʻi Housing Finance and Development Corporation
Low-interest equity-gap loans for affordable rental housing.
Varies — check official page
Confirm with agencyLoanHousing, Community and Economic Development
The catch: These are loans that must be repaid. For the 2026 round, the interim loan was disbursed in no more than two installments during construction, only after substantial construction costs were verified, and only to pay down the interim construction loan.
Next deadline: Varies — check official page · The Project Award Program is applied for through the Consolidated Application funding round. The 2026 round opened December 19, 2025; the Letter of Intent and fees were due January 16, 2026 and applications February 20, 2026. No later round is posted. The Capacity Building Grant and Predevelopment Loan programs are temporarily suspended.
Eligibility, how to apply, match, contact
- Eligibility
- Qualified nonprofit and for-profit corporations, limited liability companies, partnerships, and government agencies developing affordable rental housing. All awards are competitive and subject to available funds.
- How to apply
- Submit a completed Consolidated Application to HHFDC, following the instructions and schedule of important dates in the application package.
- Applicant types
- Business, Nonprofit, Public Agency
- Award size
- Varies — check official page
- Funding source
- State
- Geography
- Statewide
- Submit via
- true
- Contact
- name: HHFDC Finance Branch; tel: (808) 587-0620;