The Housing Development Fund (HDF) is a revolving loan fund program that provides interest-free interim loans to non-profit organizations to develop low-income housing projects. HDF loans last three years; eligible uses include pre-development costs, site acquisition, construction or rehabilitation financing, and other project development costs that are traditionally covered with a mortgage. The short-term financing provided through HDF is later repaid from the equity contributed by investors in low-income housing tax credit projects, or from any other program that is providing financing, whether a public or private source. HDF loans are divided into three categories: pre-development loans, acquisition loans, and construction loans. HDF loans also finance Low Income Housing Tax Credit (LIHTC) projects that require bridge financing for longer periods of time. These loans are provided for terms of seven years, at one-percent interest rates. Occupants in HDF loan housing cannot have incomes exceeding six times the total housing cost (rent and utilities). However, for households with three or more dependents, the income must not exceed seven times the total housing cost.