Hula Mae Multi-Family Program
Forecasted
The Hula Mae Multi-Family Program funds affordable rental housing development and rehabilitation in Hawaii through tax-exempt bond financing from the Hawaii Housing Finance and Development Corporation.
Funder: Hawaii Housing Finance and Development Corporation
Due Dates (Anticipated): January 2027: Letter of Intent (LOI) to Apply & Fee Payment Deadline (projected) | February 2027: Final Application Submission Deadline (projected)
Funding Amounts: No strict cap; provides tax-exempt bond financing for eligible projects—typical amounts based on project needs.
Summary: Supports the development or rehabilitation of affordable rental housing in Hawaii through access to tax-exempt revenue bonds at below-market interest rates.
Key Information: LOI and fee payment are mandatory to access the application portal; income and affordability restrictions apply.
Description
The Hula Mae Multi-Family Program, administered by the Hawaii Housing Finance and Development Corporation (HHFDC), offers tax-exempt revenue bond financing to support the creation or rehabilitation of affordable rental housing projects in Hawaii. Through this program, qualified developers—both nonprofit and for-profit—can access interim or permanent financing at interest rates below those available in the market. The HHFDC serves as the conduit issuer for these bonds, facilitating the development of new affordable units or the improvement of existing ones, and thereby addressing the state’s critical affordable housing needs.
