A new program offered by the Hawaiʻi Housing Finance and Development Corporation sets aside funds for nonprofit community development financial institutions (CDFIs) or other nonprofit housing development organizations who build self-help, for-sale housing for those in low- and moderate-income categories.
“The Affordable Homeownership Revolving Fund (AHRF) provides us with another tool to help us increase the state’s housing inventory for Hawaiʻi families who struggle to purchase a home here,” HHFDC Executive Director Dean Minakami said.
To be eligible, the applicant must develop houses for individuals and families who earn no more than 100% of area median income as determined annually by the US Department of Housing and Urban Development.
“While many of our financial assistance programs seek to help with the development or preservation of affordable rental units, the AHRF was created to help Hawaiʻi developers and their partners create affordable, for-sale housing,” Minakami said. Eligible uses include the planning, design, land acquisition, construction and/or pre-development costs.
The Legislature set aside $5 million for the program which is scheduled to launch May 15 and run until all money is exhausted.
The AHRF is being made possible through Act 227, which was approved by the 2021 Legislature and signed into law by former Gov. David Ige.
For more details, go to Hawai’i Housing Finance & Development Corporation | Affordable Homeownership Revolving Fund, or contact HHFDCʻs Finance Division via email at dbedt.hhfdc.ahrf@hawaii.gov or by dialing 808-587-0567.
