Kuilei Place is participating in a new HHFDC Dwelling Unit Revolving Fund Equity Pilot Program (DEP) designed specifically for professions facing a labor shortage.


Health Care Workers • Educators • Law Enforcement Officers • Agricultural Field Workers

HHFDC purchases equity in your home that is already priced below market value. This amount is a loan which is charged 1% interest and shares a percentage of net appreciation with the HHFDC.

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Take these steps to see if you are eligible for our DEP housing program.

  1. Please follow the steps here and see if you are eligible for the HHFDC program
  2. For HHFDC applicants that are health care workers, educators, law enforcement officers, or agricultural field workers, check to see if you qualify here.
  3. If you are eligible for both the HHFDC program and the DEP program - Download and print the DEP affidavit here. All contracted buyers must also sign and acknowledge the affidavit.
  4. Get your affidavit notarized. Notary Location Options
  5. Upload your affidavit to your personalized client portal.
  6. Be on the lookout for your DEP approval.
  7. Contact your Sales Associate and provide your original notarized affidavit to pick your unit in the Sales Gallery.
  8. Sign a contract to your new home.

DEP Residence Floor Plan

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Frequently Asked Questions  

What is DURF Equity Pilot (“DEP”) Program?

Act 92, Session Laws of Hawaii 2023, authorized HHFDC to establish a Dwelling Unit Revolving Fund equity pilot program. HHFDC works with the developer to identify starter homes 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.

What are the criteria to be eligible for a DEP program unit?
  • Be approved by HHFDC for a Kuilei Place affordable unit
  • Own no other real property
  • Receive no gift funds
  • At least one of the HHFDC applicants must work in a profession that is facing a shortage as defined and determined by the corporation, including nurses, teachers, police officers, and agricultural field workers.
What is the benefit of the DEP program?

The DEP program is a deferred loan program. The developers purchase price is effectively lowered by the HHFDC purchased equity amount of $103,300. The subsidized amount is a loan which is charged 1% interest per year and shares a percentage of net appreciation with the HHFDC. See sample calculation

When is the DEP loan and HHFDC shared equity amount due?
  • At the time the homeowner sells, rents, refinances, or transfers the property
  • If the homeowner does not occupy the property
  • Prior to 30 years
When is the deadline to apply?

The units exclusively for the DEP program applicants are available for the first 30 days or release. Once your affordable application and DEP affidavit packet has been approved by HHFDC, you will then be able to select a unit and sign a contract.

How is one’s profession determined?

Profession refers to an occupation that requires specialized skill or training and is determined by the applicant’s primary occupation/job or vocation. HHFDC has determined that this initial offering is open to eligible buyers who work in the profession of nursing, teaching, police officers and agricultural field workers. For example, nursing may include registered nurses, licensed practical nurses, certified nursing assistants and other range of nursing specialties. Teachers may include full-time substitute teachers, teaching assistants, and other ranges of teachers at various levels.

Am I required to maintain the DEP program eligibility requirements through closing?

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. Prior to closing, the HHFDC will require recertification to purchase under the DEP program and will issue the program agreement for buyer’s review and acceptance to move forward with the preclosing requirements.

I am an existing HHFDC Kuilei Place buyer under binding contract, can I apply for the DEP program?

No, only eligible applicants for new contracts, not existing ones, are eligible for the program according to HHFDC guidelines.

I have been HHHDC approved but have not contracted a unit, can I apply?

Yes – you can apply for the DEP program. You need to sign, notarize, and submit the required affidavit for approval.

I am currently a contracted HHFDC buyer but not bound, can I apply for the DEP Program?

Yes, as long as the contract is not binding – before the 30-day recission period expires.

If I already have a pre-approval for $626,700, does it need to be modified for the DEP program?

Yes. There will be a pre-qualification template for the DEP program. It must be submitted with the affidavit.

What is the price and the deposit schedule used on the contract?

Example for Unit 252

Developer’s Sales Price: $626,700
HHFDC Equity: $103,300
Buyer’s New Purchase Price: $523,400
Down Payment – 5%: $31,335
Loan Amount: $492,065
How will unit selection and contracting be handled?

Applicants will be served on a first-come, first-served basis, determined by the approval date of both the HHFDC application and the DEP Program affidavit, rather than the submission date.

Can I place a unit on hold?

No – all selection and contracting must remain on a first-come, first-served basis for the first 30 days of the program release. Even for those that have already been HHFDC approved but awaiting approval of the DEP Program affidavit. No holds permitted under any circumstance. It is suggested that the buyer create a preferred selection list in anticipation of selection.

What if the first 23 units are sold out within the first 30 days – what happens to the rest of the applicants?

A back up list will be kept of approved candidates by both HHFDC and the Kuilei Place Sales Team. Following the 30 days and based on demand – HHFDC will evaluate and decide if further subsidy will be applied.

How and when is the HHFDC equity percent determined?

Prior to closing of the purchase HHFDC will determine the equity share percent based on the following formula.

1. HHFDC Equity Amount: $103,300
2. DIVIDED by – the Value of the Unit by Appraisal. For example, if value is: $700,000
3. EQUALS – HHFDC’s Equity percent share: 0.1476 15%
What is the amount of equity share paid to HHFDC?

HHFDC will determine the share of net appreciation amount on the HHFDC equity buyer will be expected to pay when they sell, rent, refinance, transfer or no longer become an owner occupant of the unit.

SAMPLE COMPUTATION of HHFDC equity and equity share.

Based on the buyer’s refinance in year 3 of ownership using the following hypothetical amounts including future property value:

a. Developer Original Sales Price: $626,700
b. HHFDC’s Equity Amount: $103,300
c. Qualified Purchaser Price: $523,400
d. Original Value of the Unit prior to close of Sale: $700,000 (based on appraisal report)
e. HHFDC Equity Percent: 15%*

I. Computation of HHFDC deferred loan and interest

1. Corporation Equity (from b. above): $626,700
2. MULTIPLIED BY HHFDC interest (1% per year): x 1% (or .01)
3. Equals, per year: $1,033
4. MULTIPLIED BY 3 (refinance in year 3) x 3 equals $3,099
5. Repayment of HHFDC Equity plus interest: $106,399

II. Computation of equity paid to HHFDC

1. Property value by appraisal at time of refinance in 3rd year of ownership $750,000
2. MINUS the Original Value ($700,000)
3. EQUALS the Net Appreciated Value $50,000
4. MULTIPLIED BY HHFDC Equity Percent 15%
5. EQUALS Equity Share paid to HHFDC: $7,500

III. Total amount paid to HHFDC in 3rd year of ownership due to refinance: $113,899

How is SAE calculated?

SAE Computation using information above:
A. Developer’s Original Sales Price: $626,700
B. Qualified Buyer’s Purchase Price: $523,400
C. Value of the Unit prior to close of Sales: $700,000

Value of Unit: 700,000
Minus Purchase Price: 523,400
Equals: 176,600
Divided by: 700,000
Equals: 0.2522 = 25% HHFDC SAE percent share

SAE Payment at sale, transfer or rent of the property (3 years):
Future Value: 750,000
Minus Buyer’s Price: 523,400
Equals: 226,000
Multiply by 25%: 56,650 – HHFDC SAE payment