The Corporation helps developers to develop affordable housing through various financing and developer assistance programs.

Interim Financing

Subject to the availability of funds, a developer may receive interim construction financing from the Corporation at a reduced interest rate. Interim construction loans are generally available at 7.5% interest with a one-point service fee.

Permanent Financing

A developer may apply for permanent financing from the Corporation. This is typically through the Hula Mae Multi-Family, Rental Housing Trust Fund, and the Low Income Housing Tax Credit programs.

Development Tools

The Corporation is authorized to develop housing on its own or in partnership with private developers and other governmental entities. We have a number of tools and resources to assist in the development of affordable housing including the following:
bulletExpedited processing of governmental approvals through Chapter 201G, HRS
bulletThe Corporation is authorized to develop or assist in the development of housing projects which are exempt from all statutes, ordinances, charter provisions, and rules of any governmental agency relating to planning, zoning, construction standards for subdivisions, development and improvement of land, and the construction of units thereon provided that:
bulletThe project primarily or exclusively includes housing units afforded to households with incomes at or below one hundred forty per cent of the medium family income;
bulletThe Corporation finds that the project meets minimum requirements of health and safety; and
bulletThe development of the project does not contravene any safety standards, tariffs, or rates and fees approved by the public utilities commission for public utilities or various Boards of Water Supply.
bulletThis tool provides for greater design flexibility and cost savings for affordable housing projects.  County governments have similar powers, and the particular exemptions requested through this process are generally processed through the appropriate county agencies.
bulletDevelopers are encouraged to begin the 201G exemption process by first contacting the appropriate county:
bulletCounty of Hawaii, Office of Housing and Community Development;
bulletCity and County of Honolulu, Department of Planning and Permitting;
bulletKauai County, Office of Community Assistance, Housing Agency; or
bulletMaui County, Department of Housing and Human Concerns
bullet Exemptions from the State's 4% General Excise Tax
bulletThe Corporation may approve and certify for exemption from general excise taxes, any qualified person of firm involved with a newly constructed, or moderately or substantially rehabilitated project which meet certain eligibility criteria. The legislative intent of the exemption is to achieve cost savings to assure economic feasibility which will encourage and enable the production of as many lower cost housing units as possible.  
bulletSales and Counseling
bulletThe Corporation coordinates the sale of affordable housing units and assists new home purchasers with homebuyer education classes and Hula Mae counseling services.
bulletDevelopment Support
bulletThe Corporation may perform inspection services and provide technical assistance in reviewing plans, specifications and construction budgets for development projects.

For information on these types of developer assistance call (808) 587-0634.

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