State Program Helps Essential Workers Purchase Homes

A new initiative from the Hawai‘i Housing Finance and Development Corporation (HHFDC) aims to support essential workers in Hawai‘i, such as healthcare professionals, educators, law enforcement officers, and agricultural workers, in purchasing their own homes.

The DURF Equity Pilot (DEP) Program, a five-year effort that launched this year, is part of the broader Dwelling Unit Revolving Fund (DURF), established in 1970 to help fund housing developments and infrastructure projects.

HHFDC’ goal was to explore ways to make housing more affordable for middle-income earners. They have many programs for households earning up to 60% of the area median income, but fewer options for those above that threshold.

DURF has received $50 million annually from the state legislature over the past two years, with $10 million allocated for the pilot DEP program.

Under the DEP program, HHFDC purchases partial equity in condominium units offered to qualifying professionals, typically 10% to 20% of the purchase price which reduces the upfront cost for the buyer. When the homeowner eventually sells the property, they repay the equity and the state recoups its investment through its share of the equity.

To qualify for the program, buyers must already be residents of Hawai‘i and agree to live in the property they purchase, among other eligibility criteria.

New construction developments participating in the DEP program along with the avaialble units offered are:

• Kuilei Place in Moiliili:  28 Two-Bedrooms
• Modea on Queen Street in Downtown Honolulu: 12 studio and 13 one-bedroom units.
• The Flats at Sky Ala Moana East: 24 studios and 2 two-bedrooms.

For information visit any one of the participating projects above or email us at info@onepacificrealty.com.