HHFDC Glossary

A–E

201H (Chapter 201H):

A statutory tool that allows HHFDC to help developers expedite review processes and seek exemptions from certain county laws, zoning ordinances, and construction standards for projects that meet specific affordability criteria.

343 Exemption (Chapter 343 HRS):

An exemption from the state’s environmental review process granted to projects that meet specific criteria, often used to expedite affordable housing development.

Action Plan (Annual Action Plan):

A one-year strategic document adopted by HHFDC that outlines how the state will utilize federal funds to address the housing needs of extremely low- to moderate-income families.

Administrative Rules (Hawaiʻi Administrative Rules / HAR):

Regulations adopted by state agencies to implement and enforce the policies and laws enacted by the State Legislature.

Affordable Housing:

Residential inventory that is price-restricted and income-targeted to remain accessible to households at or below specific AMI levels.

AMI (Area Median Income):

A benchmark established annually by HUD used to determine income eligibility for housing programs; figures are adjusted for household size and location.

Annual Report:

A formal publication detailing HHFDC’s historical performance, accomplishments, and financial statements.

Blood Quantum:

A requirement for eligibility for Hawaiian Home Lands, defined by the Hawaiian Homes Commission Act as having at least 50 percent Hawaiian blood.

Bond:

A debt instrument issued by a government or entity to raise capital. In housing finance, bond proceeds are used to fund affordable housing development or low-interest mortgages, with the issuer repaying investors over a set term with interest.

Buyback:

A deed restriction that gives HHFDC the first option to repurchase a unit if the owner cannot occupy it during a set restricted period.

Compliance:

The ongoing process by which HHFDC monitors projects to ensure they adhere to statutory requirements and affordability restrictions.

Consolidated Application:

A comprehensive application packet required by HHFDC for developers seeking multiple financing sources.

DBEDT:

Department of Business, Economic Development and Tourism; the state department that oversees HHFDC.

DHHL:

Department of Hawaiian Home Lands; the state agency that manages the Hawaiian Home Lands trust.

DHS:

Department of Human Services; the state agency responsible for managing social service programs.

EAH (Employer Assisted Housing):

A program where employers provide financial assistance to help their employees achieve homeownership.

EAH Housing:

A non-profit organization that develops and manages affordable rental housing communities.

Equity:

The financial interest or value a homeowner has in their property.

F–M

For-Action:

A standard designation for agenda items scheduled for a formal vote by the HHFDC Board.

Funding Round:

A designated period during which HHFDC accepts and reviews applications for competitive financing programs.

GET Exemption:

A financial incentive that exempts qualified affordable housing projects from the state general excise tax on construction costs.

GIS (Geographic Information System):

A mapping and data analysis tool used by HHFDC to track land assets and housing needs.

HAF (Homeowner Assistance Fund):

A federally funded program providing financial assistance to eligible homeowners experiencing hardship.

HCDA:

Hawaiʻi Community Development Authority; a separate regulatory body that manages specific districts like Kakaʻako.

HHPS (Hawaiʻi Housing Planning Study):

A research study used to forecast housing demand and understand affordability challenges.

HPHA (Hawaiʻi Public Housing Authority):

The state agency responsible for managing federal and state low-income public housing programs and the Section 8 (Housing Choice Voucher) program; operates separately from HHFDC.

Hula Mae:

Refers to HMMF (multi-family bond financing) and the Single-Family mortgage loan program.

Infrastructure:

The essential physical systems required to support housing development, including water, sewer, roadways, and transit.

Lease:

A contractual agreement granting the right to use property for a specified period.

Leasehold:

A form of property tenure where the homeowner owns the right to occupy the land for a specified period, but not the land itself in fee simple.

Lessee:

The party who holds the right to use or occupy a property under a lease agreement.

Letter of Intent (LOI):

A preliminary document submitted by an applicant to notify HHFDC of their intent to apply for funding, often required before the full application process begins.

Low-Income Public Housing:

Rental housing managed by the HPHA for eligible low-income families, the elderly, and persons with disabilities, with rents typically set at 30% of a family’s adjusted gross income.

Master Plan:

A comprehensive long-range planning document that dictates development and land use for large-scale projects.

MCC (Mortgage Credit Certificate):

A federal income tax credit program that reduces federal income tax for first-time homebuyers.

Mixed-Use:

A development design that integrates multiple purposes—such as residential and commercial—into a single site.

Pro-Forma:

A financial statement or model that projects the expected costs, revenues, and overall financial viability of a proposed development project.

N–Z

NASED (New Aloha Stadium Entertainment District):

A state-led mixed-use redevelopment program for the Aloha Stadium site in Hālawa, which includes planned integrated affordable and workforce housing.

Project Awards:

Formal approval and allocation of financing resources to a developer.

QAP (Qualified Allocation Plan):

The state-mandated plan outlining criteria for allocating Low-Income Housing Tax Credits (LIHTC).

RFI (Request for Information):

A preliminary procurement document used to gather information or market feedback from potential vendors or developers.

RFP (Request for Proposals):

A formal solicitation document inviting developers to submit detailed project proposals, typically for specific development sites or financing opportunities.

RFQ (Request for Qualifications):

A solicitation document used to pre-qualify developers or service providers based on their experience, financial capacity, and technical expertise.

RHRF (Rental Housing Revolving Fund):

The primary state-funded “gap financing” mechanism for affordable rentals.

SAE (Shared Appreciation Equity):

A mechanism where a homeowner shares a portion of their home’s net appreciation with the state upon sale.

Section 8 (Housing Choice Voucher Program):

A federal program administered by the HPHA that provides rental assistance to low-income families, allowing them to rent housing in the private market.

Skyline:

Honolulu’s light metro rapid transit system. Its development serves as a primary catalyst for Transit-Oriented Development (TOD), intended to increase density and affordable housing supply along the rail corridor.

Tax Credit:

A dollar-for-dollar reduction in the amount of income tax an individual or business owes. In housing, these are often awarded to developers to attract private equity for the construction of affordable rental units (e.g., LIHTC).

Tax-Exempt:

A status where the interest earned on specific investments, such as housing bonds, is not subject to federal income tax. This allows issuers to borrow money at lower interest rates.

TOD (Transit-Oriented Development):

A strategy focusing on compact, walkable communities located near public transportation.

VOK (Villages of Kapolei):

A large-scale, state-owned master-planned community.

Waiahole Valley:

A state-owned agricultural and residential valley managed by HHFDC.

Workforce Housing:

Housing targeted to households, often middle-income earners, whose income levels are challenged by local market costs.