Formula Grant F25SG150100

The Hawaii Housing Finance and Development Corporation (HHFDC) received a Housing Trust Fund (HTF) Formula Grant award of $3.13 million from the U.S. Department of Housing and Urban Development's Assistant Secretary for Community Planning and Development (CFDA 14.275). This award, announced on September 16, 2025, with an ultimate completion date of September 16, 2032, supports the acquisition, new construction, rehabilitation, and operation of affordable rental housing targeted to extremely low-income and very low-income households at or below 30 percent of area median income in Honolulu, Hawaii.

Under this formula grant, HHFDC will deploy funds to expand and preserve Hawaii's affordable housing stock through eligible activities including rental housing production and preservation. The grantee must allocate at least 80 percent of obligated funds directly to rental housing development, with up to 30 percent available to finance ongoing housing operations. HHFDC is required to commit all awarded funds to specific projects within 24 months and fully expend resources within the five-year performance period, with individual fund drawdowns required to be spent within 15 days. As a state housing authority with a demonstrated track record of managing multiple HUD programs, HHFDC will fulfill standard HTF compliance requirements including submission of annual HTF allocation plans, maintenance of program records for the required periods, and adherence to federal regulations governing affordable housing preservation and affordability periods.