Get Ready For The Next Two Affordable Housing Projects
Are you looking for a Fee Simple affordable housing project in a new construction building? If you missed out on The Central Ala Moana's affordable housing release, you may just be in luck. There are two new projects that will both have an affordable housing component. Those two projects are: Sky Ala Moana and Ililani in Kakaako.
Of the two new projects, Sky Ala Moana will be announced and opened to the public first. Then Ililani will occur later in the year and is expected to launch after the middle of the year but may end up going into the 3rd to 4th quarter. For Sky Ala Moana, market and investor sales will occur before the affordable housing sales. Ililani is expected to follow in a similar order where they focus on selling the market units first, then the affordable units (This is to prevent potential buyers from trying enter the affordable lottery, then if they do not get in, they buy a market unit).
A Quick Comparison of the 2 new projects
However, Sky may be appealing if the maintenance fees are significantly lower. Sky's market units are $0.95 a sq. ft, but the affordable units will be cheaper since they do not have access to the amenity deck. The downside other than the fact that majority of the affordable units (71%) are studios, is the fact that it will be in the East/Diamond head tower of Sky which will be the hotel tower. This tower is set for phase 2 which means it will be constructed after the first residential tower on the West/Ewa side of the complex.
If you are looking for the next affordable housing project, then one of these new projects may be may be for you. Don't forget to sign up today to get the latest information below!
Below is the lottery results from The Central Ala Moana's Affordable Housing Lottery. To find your public drawing number, please search by your application number (the 5 digit number you received when you submitted your application).
Keep in mind this is not the order of which you will choose your unit. This list will be further sorted by each individual's AMI group and there is a chance that certain applications may be removed (due to HHFDC not approving the application). You should receive a letter in the mail saying whether you have been approved or denied. Keep monitoring your emails as important information will be announced.
To search faster, download the lottery results PDF file onto your smart phone or computer. Then open the document and press control + F (windows computer) or command + F (mac computer). Type in your application number and you should see your public drawing number.
Several favorable market conditions are combining to create a window of opportunity for prospective homebuyers in early 2019. Median prices have stabilized, and inventory levels are rising, thanks in part to new development in the urban core. With interest rates at their lowest point in the past ten months, prospective home-buyers should act now—before median prices and interest rates continue to climb.
Overview Of The Market
Data reflects the 12-month period ending in December 2018, compared to the previous 12-month period.
HOW DID YOU DO? IF YOU SIGNED UP FOR MARKET UNITS YOU CAN FIND YOUR RESULTS HERE
The other day was probably the most hectic day for buyers looking to buy a market unit at The Central Ala Moana. Market buyers were literally camped out in front of a computer/phone waiting for the start time to sign up online. The 202 Market units are offered to "owner occupants" who plan to reside in the unit. Part of the application was to submit a pre-qual letter along with a notarized owner occupant affidavit. Those who submitted their paperwork were allowed to sign up online via EventBrite on a first-come-first-serve basis. The developer stated the EventBrite link would go live at 10am on January 5th. There were also strict rules, the EventBrite sign up link was only open for 1 day and if you registered twice, you would go to the end of the list. If there are any left over units after owner occupant, they will then be opened to the unrestricted release (may be bought by investors or by those wanted to live in the unit).
Prior to signing up online, there was just about 404 people who submitted paperwork, but only 367 signed up during the allotted time. Depending on what unit you want, there is a good chance you may get something. The reason is simple, not everyone chooses during their selection period. Some people simply do not show up, and others pass due to the lack of inventory of their desired units, or the units left are too expensive and exceed their pre-qualification letter. Unit selection begins on the 3rd week of January 2019.
For the Central Ala Moana There will be 3 main AMI (Area Median Income) groups that are very important. This is one of the first projects to ever have a minimum income level in order to purchase an affordable unit. For The Central Ala Moana that minimum AMI will be 80%. There will also be a maximum AMI going up to 140%.
Below is The Central Ala Moana Price Sheet showing both Market (in grey) and Affordable units (colored with green being the 80-100%, blue being the 101-120%, and the yellow being 121-140%). HHFDC will determine the order and if there are not enough applicants in the 80-100% AMI group, then the 101-120% AMI group may select from the lower AMI group. Unfortunately you cannot choose a unit above your AMI group.
Depending on what type of unit you are looking for, there are certain groups that would allow for a greater selection. I would highly advise you take the time to chat with a lender as they can help think of creative ways to qualify you and to see what you would pre-qualify for. Feel to ask me as many as questions that come to mind. We have until January 14, 2019 to complete the application so we can definitely plan out what would work for you and go over the floor plans and see the model showroom.