Refinancing a Reserved Housing Unit

Please allow at least four to six weeks to complete the subordination process.
Be advised this process may be further delayed due to missing or incorrect information being provided to the HCDA.

Owners of an HCDA Reserved Housing Unit may refinance under certain conditions with subordination approval from HCDA.  Provided the request meets the guidelines below, please complete the owner request letter and Subordination Request fillable form linked below and return to the HCDA along with all other required documents.  This letter will serve as the formal request for Subordination of HCDA’s Equity Sharing Payment Agreement.

On August 5, 2020, HCDA’s board allowed the increase of the maximum refinancing limit to 95 percent of the original purchase price.  Previously, refinancing requests were limited to the original loan amount, provided it was no higher than 80 percent of the purchase price.  The new board approval does not consider the original loan amount in refinance limits.

Second mortgages (i.e., HELOCs) are allowed under certain conditions.  For more information, please visit our Second Mortgages webpage here.

HCDA’s consent to subordinate is required prior to refinancing an existing loan, regardless of whether the regulated term has expired or not.  HCDA’s consent is not needed if the lender is willing to subordinate to the HCDA, thereby elevating the HCDA to the first lien position.

The HCDA requires the following documents to process all requests for Subordination of Equity Sharing Payment Agreement:

Submit all documents listed above via email to:

After the HCDA receives all of the above documents, please allow four to six weeks for legal review and execution of the Subordination of Equity Sharing Payment Agreement.


If you have any questions, or for more information about HCDA’s Reserved Housing Program:
Phone: (808) 594-0311