Hawaiʻi Housing Finance & Development Corporation

2026 FUNDING ROUND FOR FINANCING PROGRAMS

The Hawaii Housing Finance and Development Corporation (HHFDC) proudly announces the start of the 2026 Funding Round, inviting applications for the following programs:

• The Low Income Housing Tax Credit (LIHTC) program
• The Hula Mae Multi-Family (HMMF) Revenue Bond Program
• The Rental Housing Revolving Fund (RHRF) program

This year, HHFDC is using a new online application system, Procorem, (coming soon) to help simplify and streamline the 2026 Funding Round submission process.

PLEASE NOTE: Material change for the 2026 Funding Round. In 2026, to submit a Consolidated Application for Financing, Applicants must submit a Letter of Intent (LOI) and full payment of all application fees by Friday, January 16, 2026 at 2:00 p.m. HST.

Because this system introduces new requirements, HHFDC strongly encourages all interested parties and applicants to carefully review the updated instructions, deadlines, and documentation.

KEY DATES & REQUIREMENTS

Applicants must follow all instructions precisely to ensure eligibility:

• Funding Round Opens – 2026 Consolidated Application Release
  • Friday, December 19, 2025 at 2:00 p.m. HST
• Letter of Intent (LOI) to Apply for the 2026 Funding Round & Fee Payment Deadline [NEW & MANDATORY]
  • This is a new mandatory requirement for the 2026 Funding Round. It must be completed by the LOI Deadline in order to access Procorem and begin your application.
  • LOI form is available HERE
  • A formal LOI and full payment of applicable program fees (via cashier’s check) must be received by HHFDC via certified mail by Friday, January 16, 2026 at 2:00 p.m. HST (LOI Deadline).
  • Copies of the LOI (Excel version), cashier’s check, and certified mail tracking receipt must also be emailed to [email protected] by the LOI deadline.
• Invitation to Online Portal (Procorem)
  • Applicants who meet the LOI requirements will receive an email invitation to Procorem, the new online portal for uploading documents and submitting applications.
• Mandatory Applicant Training
  • All applicants must attend the training session on the new Procorem system on Wednesday, January 21, 2026 at 10:00 a.m. HST.
• Final Application Submission Deadline
  • Complete applications and all required documentation must be submitted via Procorem by Friday, February 20, 2026 at 2:00 p.m. HST.

IMPORTANT NOTICE

1. [NEW] Bond Financing Limitation. Applicants requesting tax-exempt private activity bond financing under the Hula Mae Multi-Family Bond Program must demonstrate that no more than thirty percent (30%) of the aggregate basis of the building and land is financed, directly or indirectly, with the proceeds of tax-exempt obligations described in section 42 of the Internal Revenue Code. Tax-exempt proceeds shall be considered to finance aggregate basis to the extent they are used to fund, reimburse, or refinance indebtedness originally used for that purpose.
2. [NEW] RHRF Disbursement Policy:
   For all projects utilizing RHRF, the interim loan shall be disbursed in no more than two (2) installments during the construction period. Each disbursement shall be made at HHFDC’s discretion upon verification that substantial construction costs have been incurred and shall be applied exclusively to repay a portion of the outstanding balance of the interim construction loan.
3. Applicants should carefully review all material associated with their application submittal as the failure to meet the policies, thresholds, and all other requirements and deadlines may result in the rejection of their application.
4. Please Note:
   1. HHFDC’s receipt of an application does not constitute acceptance of the application.
   2. HHFDC reserves the right to return an application to the applicant at any time without taking further action on the application due to, but not limited to, the following:
      • Failure to meet application submittal requirements (e.g., timeliness, correct application fees, cashier’s check, correct number of copies).
      • Failure to meet individual program criteria (e.g., income set-aside requirements, minimum periods of affordability, amount of tax credits requested per low-income units).
      • Failure to disclose in the application any known material defects about the development of the project, any misrepresentation, or fraud.
      • Applicant has ten (10) working days after date of written notification to correct application deficiencies noted by HHFDC. If the deficiencies are not corrected within 10 working days, the application will not be processed.
5. Applications will be reviewed in accordance with IRC § 42(m)(3), Hawaii Administrative Rules § 15‑311, and any other requirements that HHFDC must follow or deems necessary and relevant.
6. Awards are subject to the availability of funds and approval by the Governor of the State of Hawaii.
7. HHFDC does not discriminate against any person because of race, color, religion, sex, including gender identity or expression, sexual orientation, disability, familial status, ancestry, age, marital status, or HIV infection.
8. In the process of administering the LIHTC and other programs, HHFDC will make decisions and interpretations regarding the QAP and project applications. Unless otherwise stated, HHFDC is entitled to the full discretion allowed by law in making all such decisions and interpretations.