**Units Available - First Come First Serve. Contact us to set up an appointment**
Ohana Hale in Mo'ili'ili / McCully
AFFORDABLE PRICES: Starting at 286,681
RESIDENCES: 21 Stories. 180 Total comprising of Studios, 1 bed, and 2 bed units. 108 Affordable and 72 Market.
MAINTENANCE FEE: Estimated $0.50/Sq Ft of Interior Living Area
INTERIOR SQUARE FOOTAGE:
OHANA HALE FLOOR PLATE AND PRICES
- Studios: Floor Plan D, D1, and E
- 1 Beds: Floor Plan B, B1, G, and H
- 2 Beds: Floor Plan A and F
LOCATION OF OHANA HALE
AFFORDABLE HOUSING QUESTIONS AND ANSWERS
The Hawaii Housing Finance and Development Corporation (HHFDC) is the primary agency charged with overseeing affordable housing, financing, and development in Hawaii.Their website is http://dbedt.hawaii.gov/hhfdc/
1. Allows eligible and qualified applicants to purchase at below market prices
2. Homebuyers have an opportunity to live in town at a brand new development that fits their budget
3. There are no asset limits
4. Gifting and co-signing provide an opportunity for homeownership.
5. No household limitations (subject to the City and County of Honolulu ordinances)
6. SAE is a percentage of appreciation and can be paid off at any time after close
1. Sign up to receive updates and to get an Application Packet
2. Fill out the Application Packet and meet with a Project Lender for pre-qualification
3. Return the completed packet (Deadline December 22, 2018)
4. HHFDC First Review – Review of applications to determine eligibility
5. Public Drawing
6. HHFDC Second Review – Assignment of Property Selection Number (PSN)
7. Unit Selection & Contract Signing
Affordable Housing is for buyers earning 120% and below of the Area Median Income.
The HHFDC will determine eligibility based on the information you provide in your Application Packet, including the following:
1. US Citizen or permanent resident alien
2. At least 18 years of age
3. Resident of the State of Hawaii who currently resides in the State of Hawaii
4. Shall physically reside in the unit purchased
5. Does not own a majority interest (more than 50%) in a fee simple or leasehold property anywhere in the world
6. Has sufficient gross income to qualify for the loan to finance the purchase
Deposit Schedule Coming Soon. Per Affordable Housing HHFDC units, most have been 5%. Buyers are able to make more deposits if desired.
The owner is required to be an owner occupant for 10 years. The buyback program gives the HHFDC the first option to purchase the property in the event of a sale or transfer during the first 10 years of ownership. Owner occupancy is a requirement during this period. The restriction automatically terminates at the end of 10 years from the recording date.
SAE is Shared Appreciation Equity. This is the sharing of the property’s net appreciation with the HHFDC in exchange for the buyer’s opportunity to purchase at below market prices. The SAE percentage is calculated prior to closing and once determined, does not change.
The SAE must be paid when the property is sold, transferred or rented. Owners also have the option of paying it off at any timeafter closing.
The HHFDC will require documentation to support the buyer’s application. Some examples are: current year tax returns, W-2, 2 months of paystubs, and a letter of pre-qualification from a Lender. Lenders will have different requirements to determine loan pre-qualification.
The formula is: Original Fair Market Value (determined by appraisal prior to closing), minus Original Purchase Price, divided by Original Fair Market Value, and rounded to the nearest one percent.
Affordable housing units must be used a primary residence for 10 years before renting it out.
The estimated maintenance fee is $0.50 per square foot.
Yes. Every single unit has a parking space.
Yes. No. To keep maintenance fees low there is no pool. But there is a recreational area.
Yes. Pets are allowed! Number of pets and weight restrictions TBD.
HOW MUCH CAN I MAKE FOR AFFORDABLE HOUSING?
In addition to fitting within this bracket you must fill out an application and get pre-qualified by an approved Project Lender (shown below). The pre-qual is completely free and will not cost you anything. They will also not pull your credit, but you will need to provide them with the following:
- 2 paystubs,
- 2 yrs W2,
- 2 yrs tax return for personal. With all pages.
- 2 months checking/savings statement to show down payment, closing cost, and reserves.
OHANA HALE PROJECT LENDERS
Let us know if you have any questions.
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