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HHFDC asks to make DERF equity pilot permanent, cites committed units and funds
Summary
HHFDC told the Senate Committee on Housing it supports making the DERF equity pilot permanent, saying 83 units have been committed and $7.6 million of a $10 million program cap has been allocated; committee will fold DERF changes into SB 2069 for action.
Senate Bill 2062 would establish the Dwelling Unit Revolving Fund (DERF) equity program as a permanent program administered by the Hawaii Housing Finance and Development Corporation and authorize HHFDC to invest equity in for‑sale developments to lower initial purchase prices for qualified residents.
HHFDC told the committee the DERF pilot helped reduce barriers to homeownership: “There are 83 units that have been committed. And of the $10,000,000 which we are allowed to commit to the program, 7,600,000 has been committed to projects,” Director Mina Kami said. HHFDC said making the program permanent would allow pairing DERF loans with equity earlier in a project’s capital stack and improve project feasibility.
Supporters listed (Office of Planning and Sustainable Development, Hawaii Appleseed, Housing Hawaii’s Future, Stanford Car Development among others) and HHFDC noted no new appropriation would be requested for the amendments the agency seeks. The chair said SB 2062’s contents would be inserted into SB 2069 for committee decision making.
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