The Hawaii Housing Finance and Development Corp. (HHFDC) started the Dwelling Unit Revolving Fund (DURF) Equity Pilot program to help first-time homebuyers in targeted occupations attain homeownership and stop the “brain drain” of kamaaina leaving Hawaii.
The DURF Equity Pilot (DEP) acts as a deferred loan program for teachers, health workers, police officers and others in occupations facing a shortage.
HHFDC did not provide any exemptions or land-use approvals for the Sky Ala Moana project.
It believes the poor sales at Sky are due largely to a city requirement that restricts buyers from selling their units for 30 years; this requirement, developers say, discourages first-time homebuyers who need the ability to “move up” as their housing needs change. This is why HHFDC has a 10-year restriction period.
It’s because of the 30-year restriction period that HHFDC had been reluctant to use the DEP program at Sky, doing so only after the city relaxed its restriction to match the state’s 10-year period.
Gordon Pang
Housing information officer, HHFDC
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