As part of our ongoing mission of helping the communities we serve, HCRC periodically holds workshops on topics related to our mission and those that support our goals.

Upcoming Training/Events

Archived Training/Events

 

 

The mission of Hawaii Community Reinvestment Corporation (HCRC) is to facilitate affordable housing by providing below market rate loans and offering innovative financial resources, consulting, technical assistance, and training.

Financing Programs include our Multi-Family Mortgage Loan product for long-term, fixed rate permanent financing on multi-family rental projects leasing at least 51% of its units at HUD defined affordable levels (< 80% AMI).

Additionally, for the County of Kauai, we offer a Residential Rehabiltation Loan which allows low- and moderate-income households or investors who lease their residential rental properties at affordable levels to low- and moderate-income households, access to low cost funds for repairs or to install energy efficiency solar equipment.

Other financial resources available to facilitate affordable housing developments are Low Income Housing Tax Credits (LIHTC) and New Markets Tax Credits (NMTC), which provide gap capital in the form of equity. 

For more detailed information on any of the affordable housing products and services mentioned above, please click on the applicable links, call us at 808-532-3110 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

 

HCRC offers consulting services and technical assistance to owners, investors and developers of affordable projects seeking funding.  HCRC is able to assist with the following:

• Financial structuring, review and analysis;
• Exploring various funding options available;
• HHFDC Qualified Allocation Plan application writing and submittals for state and federal funds;
• RFP proposal writing and submittals for other government and non-government funding sources

Through the years, HCRC has assisted in procuring over $50 million in tax credits, tax exempt bonds, trust fund, and other state and federal funds to help finance affordable housing projects.

HCRC offers a competitive fee structure for all consulting and administrative services.  Services are contracted on an availability basis.

Please  This e-mail address is being protected from spambots. You need JavaScript enabled to view it. or call us at 808-532-3110 to see how we can help.

Learn more about:

• Multi-Family Loans

• Residential Rehab Loans

MULTI-FAMILY MORTGAGE LOANS

HCRC offers permanent mortgage loans at competitive terms and below market interest rates to meet the unique financing needs of affordable residential rental projects.  Highlights of HCRC’s Multifamily Mortgage loan are as follows:

• Up to 20 year term with interest rates fixed for up to 20 years
• Up to 30-year amortization
• Debt coverage ratio minimum of 1.15x
• Loan amounts of up to $7,500,000
• Rates based on a spread over the Federal Home Loan Bank of Seattle index

Projects financed by HCRC provide much needed housing to seniors, low income families, and special needs individuals.

HCRC’s multifamily mortgage program can be used for

• Permanent take out, long-term mortgage financing for new construction, acquisition, and rehabilitation of affordable rental projects
• Refinancing of existing debt on affordable multifamily rental projects
• Financing acquisition or buyouts of partnership interest in Low Income Housing Tax Credit projects

All loans funded by HCRC must meet the basic criteria of economic viability and security, and affordability requirements. Priority is given to projects serving low– to very-low income families and larger families, as well as those that will maintain long-term affordability.

With its commitment to the creation and preservation of affordable housing, HCRC makes forward commitments for permanent loans on new development as well as loans to refinance existing projects and for acquisition and rehabilitation.

HCRC mortgages may be combined with gap equity financing and grants, and our experienced staff can work with developers, existing owners and potential investors in creating individual financial plans and in helping seek out additional resources to make affordable rental project an attractive and economically viable investment properties.

Click here for our standard terms and conditions or to download an Application.

Contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it. for Today’s Rates

PARTICIPATING BANKS:

HCRC’s Multifamily Mortgage loan product is a collaboration with community minded financial institutions who participate in a loan pool enabling HCRC to finance affordable projects. Through its participation, our partner banks are demonstrating their commitment to strengthen communities throughout the state. 

Our partner banks commit both financial and human capital to affordable housing development and to the community as a whole. In addition to providing loan capital, many of their employees also provide countless hours of community service by serving on our governing board and on our credit committee. These same individuals often serve on other nonprofit boards, further demonstrating their commitment to our community.

By participating in the HCRC loan pool, our partner banks are able to reduce their share of risk, increase Community Reinvestment Act (CRA) activity levels, and generate goodwill and positive public relations.  A big Mahalo to HCRC's Consortium of Lenders:

Bank of Hawaii

Bank of the Orient

Central Pacific Bank

Finance Factors

First Hawaiian Bank

Hawaii National Bank

Pacific Rim Bank

If you would like additional information or are interested in becoming a participating financial institution, please contact HCRC at (808) 532-3110 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

 

 

RESIDENTIAL REHABILITATION LOANS

Low cost loans to benefit low- and moderate-income homeowners in the County of Kauai for home repairs and/or the installation of solar hot water systems.  Click for a program brochure.  Highlights of HCRC’s Residential Rehab Loans are as follows:

• Loan Amounts from $2,500 to $50,000
• Interest Rates ranging from 1.5% to 3.0%, fixed
• Loan Terms up to 20 year

Examples of Eligible Repairs:

• Roof repair/replacement
• Installation of solar equipment
• Construction of additional bedrooms and/or bathrooms in overcrowded conditions
• Replacement of termite infested or dry rotted lumber
• Fumigation
• Universal Access (disability) modifications
• Replacing substandard plumbing
• Correcting electrical deficiencies
• Repair windows, doors and screens
• Elimination of lead-based paint hazards

Examples of ineligible repairs:

• Air conditioning
• Den, family room, kitchen and additions of non-essential rooms
• New dwelling unit
• Completion of prior constructions
• Walls or fences (unless necessary to protect home)

Click for our program terms and conditions or to download a Residential Rehab Loan Application.

Click on the link below to view a short video overview of our Residential Rehabilitation Loan Program taped by Hawaii Stream at the Contractors Association of Kauai’s Home Show on 4/8/11:

http://hawaii.ezstream.com/play/index.cfm?fuseaction=embstay&id=1F1415572F

Call (808) 532-3110 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it. for information on how to apply.

 

FUNDING

Funding for this program is provided by the U.S. Department of Housing and Urban Development (HUD), through the County of Kauai, from its Community Development Block Grant Program.

All loans are subject to funds available, and all applicants and dwellings are subject to the eligibility criteria of the Residential Rehab Revolving Loan Fund Program.  Program guidelines are subject to change.