Rental Housing Revolving Fund Tier 2 Application (New!)
The Hawaii Housing Finance and Development Corporation (HHFDC) has up to $150,000,000 in Rental Housing Revolving Funds (RHRF) available for eligible RHRF loans pursuant to Act 236 (SLH 2022) and Section 201H-202 of the Hawaii Revised Statues.
These funds are available only for mixed-income rental projects for individuals and families with incomes above sixty and at or below one hundred per cent of the median family income for the State of Hawaii.
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The Rental Housing Revolving Fund (RHRF) provides “Equity Gap” low-interest loans to qualified owners and developers constructing affordable housing units. Funds may be used to provide a loan for the development, construction, acquisition, preservation, and substantial rehabilitation of rental housing units. (NOTE: RHRF was formerly 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 201H, Subpart III.J., Hawaii Revised Statues.
Project Award Program
The Rental Housing Revolving Fund provides equity-gap low-interest loans 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 Revolving Funds for capacity building of nonprofit housing developers is codified in Section 201H-202, Hawaii Revised Statutes (HRS).
Capacity building, as defined in Chapter 15-311, 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?
Submit a completed Consolidated Application to the Corporation. Please review the “Instructions” and “Schedule of Important Dates” included in the Consolidated Application.
HHFDC Memorandum on Compliance Monitoring Services Contract
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