Permanent Financing

All loans funded by HCRC must meet the basic criteria of economic viability and security, and provide takeout and acquisition/rehabilitation financing of rentals targeted for tenants in the low- and moderate-income ranges.

Loans are usually made under the following terms and conditions:

• Up to 30 years maturity and amortization

• Fixed rate up to 30 years

• Loan amounts from $250,000 to $10,000,000

• Maximum Loan to Value Ratio (based on appraisal) of 75%.

• Non-recourse loans at 65% LTV.

• Minimum Debt Coverage Ratio of 1.15.

Additionally, HCRC imposes the following affordability requirements for the life of the loan:

• Minimum of 51% of the units must be reserved for households with incomes ranging from under 50% to a maximum of 80% of the median income applicable to the area (Area Median Income).

• Projects assisted by various subsidies must meet the affordability requirements imposed by those subsidies.

• "Affordability" is defined as not costing more than 30% of the household's income.

How to apply:

• Fill out the Mortgage Application

• Provide the following:

  • Borrower Financial Statements

    If the Borrower is an individual, please fill out and submit the Personal Financial Statement

  • Cash flow projections on the Project

Rates and Applications

Artesian Vista, a 54-unit apartment complex in Makiki, Oahu

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