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.

Units that the developer makes available for the DURF 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.

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

They include:

Kuilei Place: 28 total designated units that have 2 bedrooms and 1 bathroom. The HHFDC contribution per unit is $100,000.

 

Sky Ala Moana: 26 total designated units consisting of  two 1-bedroom and 24 studio units.