tion. The state’s Department of Human Services - Benefits, Employment and Support Services Division administers a program called Housing Opportunities for Persons With AIDS. Individuals may participate in the planning process through public hear- ings on needs and priorities, through the review and comment period on the Annual Action Plan and any substan- tial amendments. As explained by Oi, private activ- ity bonds, such as those issued by the state’s HMMF program, are similar to municipal bonds in that they are both tax-exempt. But they each serve differ- ent purposes. Municipal bonds are securities issued by state or local governments to raise capital for public projects. Private activity bonds (e.g., HMMF, City & County of Honolulu private activ- ity bonds) are issued by those autho- rized government agencies on behalf of private companies or specifically awarded projects to serve a public purpose, such as affordable housing. Oi manages HHFDC’s finance branch that consists of multi-family and
The team also manages the mortgage credit certificate program to assist many local low- to moderate-income first-time homebuyers. The program provides for a federal income tax credit on the home- owner’s annual mortgage interest. “Among my strategic goals is to work with other housing finance agen- cies across the country to find creative solutions to the common problem of the shortage of affordable housing. Although the tools remain the same, we must find new creative ways to maxi- mize our available resources,” Oi says. “HHFDC has the best people in the industry to solve this challenge. Working together with various stakeholders and government agencies — I’m proud of the work my team does every day.” It may be discouraging to some that the demand for projects applying for financing outpaces supply by four to one. But not to Oi. “It shows how many companies are committed to solving our affordable housing crisis,” he says. “While our fund- ing rounds are competitive, competition leads to innovation and efficiency.”
single-family sections. Oi’s multi-family team works with developers to get the projects to financial closing. In conjunc- tion with all the various investors, other government agencies, lender attor- neys and development team members complete all the necessary steps to fund the projects and break ground. “The team also manages and controls all funding draws off state funds. It is also responsible for award- ing, evaluating, monitoring and manag- ing all projects to ensure that the state’s funds are used transparently, efficiently and effectively,” Oi says. “Our goal is to award the most efficient and ready projects to achieve quality affordable housing as quickly as possible.” WORKING TO ASSIST HAWAI‘I HOMEOWNERS Oi’s single-family home team is responsible for administering all federal grant funds within the state of Hawai‘i. The team works closely with the counties to ensure compliance with federal regula- tions and timely production, and they are the point of contact for required commu- nications between the counties and HUD.
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