Hula Mae Multi-Family (HMMF) Revenue Bond Program

Administered by Hawaii Housing Finance and Development Corporation (HHFDC) · Hawaii

BENEFIT

Negotiated / contact agency

Deadline type: annual

Eligibility Requirements

1Tax-exempt below-market interest rate revenue bonds
2At least 20% of units at 50% AMI or 40% of units at 60% AMI
3Qualified owner must demonstrate adequate experience
4Subject to Private Activity volume cap approval

Eligible Project Types

MultifamilyAffordable Housing

STACKING POTENTIAL

Hula Mae Multi-Family (HMMF) Revenue Bond Program is stackable — it can be combined with other federal, state, and local programs on the same project. Michigan and Ohio projects commonly stack this program with Federal Historic Tax Credit, New Markets Tax Credit, and Opportunity Zone deferral to maximize total incentive value. Use GrantRadar to see your full stack.

AFTER YOU WIN

View the Hula Mae Multi-Family (HMMF) Revenue Bond Program compliance checklist →

Reporting deadlines, vendor rules, and the disallowed-cost pitfalls that trigger clawbacks.

Source: Hawaii Housing Finance and Development Corporation (HHFDC) official program page ↗ · Last verified 2026-06-23

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STACKABLE WITH

Michigan Community Revitalization Program

Up to $10M · Direct Grant

Michigan Historic Preservation Tax Credit

25% credit · Tax Credit

Michigan Brownfield TIF

Negotiated / contact agency · Tax Increment Financing

Michigan Business Development Program

Up to $10M · Direct Grant

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