Lani Huli, an 81-unit apartment complex in Kailua, Oahu

HCRC offers different types of programs listed below. Click on the links below to review guidelines and to apply:

Permanent Loans

HCRC offers traditional permanent mortgage loans at below market interest rates to  affordable rental housing projects.  Mortgages may be combined with equity gap financing and/or grants.

All loans funded by HCRC must meet the basic criteria of economic viability and security, and provide takeout and acquisition/ rehabilitation financing of rentals targeted for tenants in the low- and moderate-income ranges.

Loans are usually made under the following terms and conditions:

• Up to 30 years maturity and amortization

• Interest rate at 1.50% above the Federal Home Loan Bank of Seattle Long Term Bullet rate (matched to loan term)

• Fixed rate up to 30 years

• Loan amounts from $250,000 to $10,000,000

• Maximum Loan to Value Ratio (based on appraisal) of 75%.

• Minimum Debt Coverage Ratio of 1.15.

Additionally, HCRC imposes the following affordability requirements for the life of the loan:

• Minimum of 51% of the units must be reserved for households with incomes ranging from under 50% to a maximum of 80% of the median income applicable to the area (Area Median Income).

• Projects assisted by various subsidies must meet the affordability requirements imposed by those subsidies.

• "Affordability" is defined as not costing more than 30% of the household's income.

How to apply:

• Fill out the Mortgage Application

• Provide the following:

  • Borrower Financial Statements

    If the Borrower is an individual, please fill out and submit the Personal Financial Statement

  • Cash flow projections on the Project

Rates and Applications

Consulting Services

HCRC provides application consulting services and works with owners, investors, and developers interested in applying for funding programs administered by Hawaii Housing Finance and Development Corporation, the state's housing agency, and the City and County of Honolulu.

Click on the links below for more information on these funding programs:

Hawaii Housing Finance and Development Corp.

City & County of Honolulu CDBG/HOME Program

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Kaimuki Plaza • 3465 Waialae Avenue, Suite 393 •  Honolulu, HI  96816 •  Phone (808) 532-3110 •  Fax (808) 524-1069  •  sydney@hcrc-hawaii.org

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