The Multifamily Rental Housing Reconstruction Program is designed to provide gap funding in the form of a subsidy or a loan to support infrastructure or the reconstruction of affordable multifamily rental units (5 or more units) that were destroyed by the Maui Wildfires.
This program is not designed to fund displaced households directly, but rather to support the reconstruction of affordable rental housing developments in addressing unmet funding needs. Funds will supplement other sources such as, but not limited to, insurance proceeds, FEMA Public Assistance, and tax credit equity to ensure that projects are financially viable and can proceed to construction. All developments must meet long-term affordability requirements and comply with federal standards for disaster recovery, resilience, and sustainability. The completed developments will provide long-term affordable rental housing for income-eligible households.
The allocation amount is $235,000,000.00