Dwelling Unit Revolving Fund Equity Pilot (DEP) Program

HHFDC recently established the Dwelling Unit Revolving Fund Equity Pilot (DEP) Program as a means to create more homeownership opportunities for qualified purchasers, especially those who work in professions with critical shortages in the state. This includes individuals who are health care workers, educators, law enforcement and correctional officers and agricultural field workers.

Which homebuyers are targeted is determined by HHFDC on a project-by-project basis. HHFDC works with developers of for-sale projects to purchase a specified amount of equity in designated units that are being sold to qualified residents, thus lowering the price of the qualifying home.

To date, the builders of two for-sale projects have requested and been approved to have a specified number of units participate in the DEP Program.

  • Kuilei Place: 28 total designated units that have 2 bedrooms and 1 bathroom. The HHFDC contribution per unit is $100,000.
  • Modea: 25 total designated units consisting of 12 studio and 1 bathroom units with 1 bedroom and 1 bathroom. The per unit contribution is 15% for studios, 10% for 1-bedroom units.

Units that the developer makes available for the program must:

— Meet HHFDC’s definition of a starter unit;

— Be approved by the HHFDC Board of Directors;

— Comply with program rules as outlined in Chapter 15-309, Hawaii Administrative Rules.

Eligible buyers cannot own any other real property nor receive any gift funds to purchase a DEP Program unit.