Hawaiʻi Housing Finance & Development Corporation

Kuilei Place rendering courtesy of Kobayashi Group

The objective of HHFDC’s Dwelling Unit Revolving Fund Equity Pilot (DEP) Program is to create more homeownership opportunities for qualified purchasers, especially those who work in professions with critical shortages in the state. 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 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.

The DEP Program is targeted for those in Hawaiʻi who may work in a profession — an occupation that requires specialized skill or training — where there is a critical shortage. 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.

Kuilei Place, the first Hawaiʻi project to be approved as a participant in the DEP Program, began its program on April 7, 2024. For this particular project, HHFDC has determined eligible buyers who may participate in the DEP Program to be nurses, teachers, police officers and agricultural field workers.

To learn more:

Summary of the DURF Equity Pilot (DEP) Program for use with HHFDC’s Affordable Sales Program

Program Structure of the DEP Program

DEP Program Frequently Asked Questions COMING SOON!