The Rental Housing Revolving Fund (RHRF) provides “Equity Gap” low-interest loans or grants to qualified owners and developers constructing affordable housing units. Funds may be used to provide a loan or a grant for the development, pre-development, construction, acquisition, preservation, and substantial rehabilitation of rental housing units. (NOTE: RHRF was formally known as the Rental Housing Trust Fund pursuant to Act 237, SLH 2015, effective July 15, 2015.)
Eligible applicants include qualified nonprofit and for-profit corporations, limited liability companies, partnerships, and government agencies.
All awards are made competitively and are subject to the availability of funds. Each program has its own application deadlines and requirements. Please contact program staff more details.
The RHRF is authorized by Chapter 201G, Subpart III.Q., Hawaii Revised Statues.
NOTE: Reference will change July 1, 2006.
Project Award Program
The Rental Housing Revolving Fund provides equity-gap low-interest loans and grants to qualified owners and developers for the construction of new and acquisition and or rehabilitation of existing affordable rental housing.
Capacity Building Grant Program
The use of Rental Housing Trust Funds for capacity building of nonprofit housing developers is codified in Section 201G-432, Hawaii Revised Statutes (HRS). NOTE:
Reference will change July 1, 2006.
Capacity building, as defined in Chapter 15-180, Hawaii Administrative Rules, means the process of increasing an organization’s ability to achieve specific goals. The purpose of the Program is to develop the general organizational capacity of a nonprofit housing developer. Capacity building grant funds cannot be used to pay for costs associated with a specific rental housing project.
Predevelopment Loan Program
The Predevelopment Loan program provides loans for predevelopment activities, which means those housing-related activities which are attributable to a specific rental housing project. (Eligible uses of funds are discussed below.) The goals are to:
- Fund rental projects which address the housing needs of lower income families and individuals, including homeless and special need groups,
- Foster projects which will have a lasting impact on current and future housing needs, and
- Support projects which are focused on achieving quantifiable results. Emphasis is placed on projects that directly relate to the implementation of the State’s strategies and plans in meeting the housing needs of a community.
Moneys available in the fund shall be used for the purpose of providing, in whole or in part, loans or grants for rental housing projects in the following order of priority:
1. Projects or units in projects that are allocated low-income housing credits pursuant to the state housing credit ceiling under section 42(h) of the Internal Revenue Code of 1986, as amended, or projects or units in projects that are funded by programs of the United States Department of Housing and Urban Development and United States Department of Agriculture Rural Development wherein:
At least fifty per cent of the available units are for persons and families with incomes at or below eighty per cent of the median family income of which at least five per cent of the available units are for persons and families with incomes at or below thirty per cent of the median family income; and the remaining units are for persons and families with incomes at or below one hundred per cent of the median family income; provided that the administration may establish rules to ensure full occupancy of fund projects; and
2. Mixed-income rental projects or units in a mixed-income rental project wherein all of the available units are for persons and families with incomes at or below one hundred forty per cent of the median family income.
How do I apply for Rental Housing Revolving Fund?
Contact HHFDC at (808) 587-0567 for an application package. HHFDC provides staff assistance for the RHRF program and reviews developers’ applications. Awards of RHRF are subject to approval of the HHFDC Board of Directors and the Governor of the State of Hawaii.