HOUSING DEVELOPMENT RESOURCES
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:
 | Expedited
processing of governmental approvals through Chapter 201G, HRS
 | The 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:
 | The 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; |
 | The Corporation finds that the project meets
minimum requirements of health and safety; and |
 | The 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. |
|
 | This 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. |
 | Developers are encouraged to begin the 201G
exemption process by first contacting the appropriate county:
 | County of Hawaii, Office of Housing and
Community Development; |
 | City and County of Honolulu, Department of
Planning and Permitting; |
 | Kauai County, Office of Community
Assistance, Housing Agency; or |
 | Maui County, Department of Housing and Human
Concerns |
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 | Exemptions
from the State's 4% General Excise Tax
 | The 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. |
|
 | Sales and
Counseling
 | The Corporation coordinates the sale of affordable
housing units and assists new home purchasers with homebuyer education classes and Hula
Mae counseling services. |
|
 | Development Support
 | The Corporation may perform inspection services and
provide technical assistance in reviewing plans, specifications and construction budgets
for development projects. |
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