Rental Housing Revolving Fund

HHFDC Services for Developers

Rental Housing Revolving Fund (RHRF)

 

The Rental Housing Revolving Fund (RHRF) is designed to provide “Equity Gap” low-interest loans to qualified owners and developers. It serves as a vital financial tool to offset the high costs of development in Hawaiʻi, ensuring that rental projects remain financially viable while charging affordable rates. As a revolving fund, RHRF is uniquely structured: as developers repay these loans, the funds are recycled back into the portfolio, allowing HHFDC to continuously finance new affordable rental opportunities statewide.

The RHRF supports the development, construction, acquisition, preservation, and substantial rehabilitation of affordable rental housing units. (Note: RHRF was formerly known as the Rental Housing Trust Fund.)

Eligible applicants include qualified nonprofit and for-profit corporations, limited liability companies, partnerships, and government agencies.

Application Note: 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 for more details.

Available Programs

Project Award Program

Provides equity-gap low-interest loans for construction, acquisition, or rehabilitation of affordable rental housing.

Capacity Building Grant Program (Temporarily Suspended)

Designed to develop the general organizational capacity of nonprofit housing developers. Funds cannot be used for specific project-related costs.

Predevelopment Loan Program (Temporarily Suspended)

Provides loans for predevelopment activities attributable to a specific project. Goals include:

  • Addressing housing needs of lower-income families, homeless, and special-need groups.
  • Fostering projects with lasting impact.
  • Supporting projects focused on achieving quantifiable results.

Funding Priorities

Funds are prioritized in the following order:

Priority 1: Projects utilizing federal/state low-income housing tax credits or HUD/USDA funding, where at least 50% of units serve households at ≤80% AMI (with at least 5% at ≤30% AMI), and remaining units at ≤100% AMI.
Priority 2: Mixed-income rental projects wherein all available units are for households at ≤140% AMI.

How do I apply?

Submit a completed Consolidated Application to the Corporation. Review the “Instructions” and “Schedule of Important Dates” included in the application package.

Additional Resources