Act 92, Session Laws of Hawaii 2023, authorized the Hawaii Housing Finance and Development Corporation (HHFDC) to establish a Dwelling Unit Revolving Fund Equity Pilot (DEP) Program. HHFDC works with the developer to identify starter units that will be eligible for the program. HHFDC will purchase equity – contribute funds to buydown the sales price with 30-year repayment option – in specified units for qualified purchasers.

To be eligible for HHFDC’s DEP Program, one must:
1. File a DEP Affidavit with a Project Sales Team Agent for a Park on Ke`eaumoku unit;
2. Own no other real property;
3. Receive no gift funds (Note: this is different from the non-DEP Program units in The Park on Ke`eaumoku Affordable Housing Program);
4. Work in a profession facing a shortage as determined by HHFDC. From February 23, 2025 to March 25, 2025: nurses, teachers, police officers, and agricultural field workers.
After March 25, 2025: healthcare workers, educators, law enforcement officers, staff at correctional facilities, agricultural field workers, and Honolulu County specific professions (EMT, water safety officer, construction inspector, and victim’s witness counselor).
Applications received from non-preferred professions prior to March 25, 2025 may not be processed beforehand. Contact your Project Sales Team agent for more information.

Yes. If buyer loses their job as a teacher for example, they can still purchase the home, but it would be at the Developer’s Sales Price and would no longer be able to benefit from the DEP Program.

1. The DEP Program funds reduce the borrower’s down payment and/or loan amount by 10-20% of the developer’s original sales price.
2. The DEP Program portion of your funds have no recurring monthly payments.
3. The DEP Program equity may be paid off at any time after the initial close of the buyer’s purchase. Refer to the Affidavit for repayment details.

No, the DEP Program funds are not a grant. It is a 30-year, secondary (2nd) mortgage loan at 0% (zero) interest, that does not require monthly payments. The DEP Program funds can be paid off at any time after close of the unit purchased but are due and payable under certain conditions, including prior to expiration of the 30-year term. Refer to the DEP Affidavit for repayment details.

Refer to the DEP Affidavit for an example of how the corporation’s equity percentage is determined and the sample calculation of the equity share paid to the state upon sale, refinance, transfer of title, non-owner occupancy, or upon payoff of the allocated amount prior to the 30-year expiration date.

1. The corporation’s equity and equity percentage share, if any, is due and payable upon the earliest of the following:
At any time after financial closing of the purchased unit at the borrower’s option;
Upon sale, transfer of title, refinance or additional financing, non-owner occupancy, rental of any part of the unit, or failure to reoccupy the unit at the end of a temporary waiver period; or
Prior to expiration of the 30th year (DEP mortgage) from the buyer’s date of closing the purchased unit.
2. Corporation’s Equity means the difference between the original cost of the unit and the price of the unit paid by the qualified purchaser (an eligible buyer approved by the corporation).
3. Corporation’s Equity Percentage Share means the percentage determined as: the corporation’s equity divided by the developer’s original sales price, excluding options or upgrades, and established prior to closing the purchase of the unit, rounded to the nearest one percent.

For units that are also part of The Park on Ke`eaumoku’s Affordable Housing Program, you must first meet the City & County ’s affordable eligibility and income requirements, including:
1. Be a citizen of the United States or a resident alien.
2. Be at least eighteen (18) years of age.
3. Be domiciled in the State of Hawaii and have a bona fide intent to physically reside in the AH unit as an owner-occupant for the duration of the restriction period.
4. Total gross household income does not exceed the unit’s designated income limit.
5. The total net available household asset does not exceed the purchase price of the unit.
6. Be a person or household member who, either by oneself or together or with a household member, do not own or have not owned for three years prior to this application, a majority interest in fee simple or leasehold lands suitable for dwelling purposes.
7. Not be a person who has previously received assistance under a program designed and implemented by any State or county agency to assist persons to purchase affordable housing units.