Dwelling Unit Revolving Fund (DURF)

HHFDC Services for Developers

Dwelling Unit Revolving Fund (DURF)

 

Established in 1970, DURF serves as a cornerstone for HHFDC’s housing development initiatives, providing the financial resources necessary to carry out statewide housing programs. DURF is a dynamic financial mechanism designed to accelerate the development of affordable housing across Hawaiʻi. Unlike traditional static budget allocations, DURF operates as a revolving fund, meaning that as investments are repaid, the capital is recycled back into new projects, creating a continuous and sustainable cycle of funding. By providing developers with essential gap financing and supporting long-term land acquisition, DURF serves as the primary engine behind the HHFDC’s ability to respond quickly to market needs, reduce development costs, and ultimately increase the supply of workforce and affordable residential units statewide.

 

Purpose & Utility

DURF funds are versatile, supporting a wide range of housing and community infrastructure needs. Authorized uses include:

Acquisition of real property.
Development and construction of residential, commercial, and industrial properties.
Interim and permanent loans to developers.
Administrative expenses and regional infrastructure projects.

Legislative Evolution

  • Act 105, SLH 1970: Established DURF with $125 million in general obligation bonds to launch the Housing Development Program.
  • Act 132, SLH 2016: Authorized the use of DURF funds to finance regional infrastructure projects in partnership with counties, private landowners, and developers.
  • Act 39, SLH 2018: Appropriated $10 million to DURF, increasing the fund’s corpus by 10%.

DURF Applications

Please select the appropriate application form for your project type (Excel format):