Hawaiʻi HHFDC FY2027 Mixed Income Rental Program (MIRP)
Issuer: Hawaiʻi Housing Finance and Development Corporation (HHFDC)
Status: Open rolling funding round.
Deadline: December 31, 2026 at 12:00 p.m. Hawaii Standard Time, unless otherwise modified by HHFDC.
Funding: The State appropriated $50,000,000 for FY2027, subject to allotment. The maximum MIRP request for an individual project is generally $25,000,000, and HHFDC anticipates funding no more than four projects during the pilot round, subject to fund availability, application quality, underwriting, and Board approval.
Financing type: For the FY2027 pilot, MIRP offers construction loans and permanent financing loans. This is financing rather than a conventional grant program.
Eligible projects: New construction that creates new residential rental housing units, or rehabilitation/adaptive reuse of structures not currently used for residential housing that creates new residential rental inventory. Projects limited to rehabilitation or preservation of existing occupied rental housing are generally ineligible unless HHFDC determines extraordinary circumstances justify consideration.
Key minimum thresholds: At least 20% of total residential units must be reserved for households at or below 140% of Area Median Income; MIRP-assisted units must carry at least a 30-year affordability commitment that extends at least five years beyond the MIRP loan and senior permanent financing; the applicant or related parties must demonstrate site control; the project must demonstrate readiness to proceed; and the applicant must be in good standing and authorized to do business in Hawaiʻi.
Financial requirements: HHFDC requires a feasible development budget and operating pro forma, adequate reserves, identification of financing sources, maximum 100% LTV, minimum 1.00x DSCR, developer fee generally not above 9% of total development cost, and a minimum at-risk sponsor capital contribution equal to 5% of total development cost unless HHFDC approves otherwise.
Application process: The round is rolling. To initiate the process, an applicant submits a Letter of Intent, completed self-scoring sheet, and the $2,000 RHRF application fee. Applicants satisfying the LOI requirements receive Procorem access, where the MIRP Consolidated Application, required exhibits, certifications, assurances, and supporting documentation are submitted.
Atlas assessment
Atlas Grant Fit Score: 78/100
N9+ Fit Score: 0/100
QC Healthcare Fit: 0/100
Dr. Miltie direct applicant: No.
Fit rationale: This is a high-value, statewide housing-development financing opportunity with a detailed application and underwriting process, but it is restricted to qualifying mixed-income rental projects and does not present a defensible N9+ or healthcare procurement fit.
Official sources: HHFDC FY2027 MIRP Funding Round; HHFDC FY2027 MIRP Program Overview / Board Action