Introducing Ohana Hale! The newest affordable housing project in Metro Oahu. Ohana Hale will be a 21 story building and will have 180 units. There will be a mix  of Affordable Housing and Market Units and will have Studios, 1, and 2 bedroom units.  This will give 108 lucky owners the chance at getting an affordable housing unit starting at $286,681 and will be located at 929 Pumehana in the heart of McCully. Market units will start at $553,200 for a 1 bedroom unit. All units come with a parking stall and the building is pet friendly.
**Units Available - First Come First Serve. Contact us to set up an appointment**

Artist Rendering of Ohana Hale | Courtesy of Pumehana Hui L.P

Ohana Hale in Mo'ili'ili / McCully

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PRICE & FLOOR PLANS

AFFORDABLE PRICES: Starting at 286,681

• Studios - Starting at $286,681 - $430,022
• 1 Bedrooms - $491,077

MARKET PRICES: Starting at $553,200 to $835,900

• 1 bedrooms - $553,200 - $617,900
• 2 bedrooms - $784,900 - $835,900

           **Prices subject to change per the developer**

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:

• Studios: 316-419 sq. ft.
• 1-Bedrooms: 483-505 sq. ft.
• 2-Bedrooms: 761-784 sq. ft.​

DEPOSIT STRUCTURE: Coming Soon

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OHANA HALE INDIVIDUAL FLOOR PLANS 

Floor Plan A

Floor Plan B

Floor Plan B1

Floor Plan C

Floor Plan D

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Floor Plan D1

Floor Plan E

Floor Plan F

Floor Plan G

Floor Plan H

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OHANA HALE FLOOR PLATE AND PRICES 

At Ohana Hale, there will be 2 types of units. Market Units which are in Blue and Affordable Units in White.  For Affordable Housing there will be only be studios and 1 bedroom units . For Market Units there will be 1 and 2 bed units. 

• 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
​929 PUMEHANA ST

Mo‘ili‘ili, the central plains of the Waikiki ahupua‘a, has been a gathering place for Hawaiian, Chinese, Japanese, and Portuguese families for generations. The names in this community are storied: King Street, the historic pathway of Hawaii’s kings; McCully, named for Supreme Court Justice Lawrence McCully under King Kalakaua; and Beretania, named for Great Britain, the 19th-century protectorate of the archipelago. These are fertile lands, producing kalo, rice, families, and leaders.

Today, Mo‘ili‘ili-McCully is a vibrant mixed neighborhood in the heart of Honolulu with great features such as:

• Easy access to work/life essentials
• Walkable, pedestrian-friendly blocks
•  Modern bike lanes
•  A mix of traditional and innovative shops and restaurants
•  A rich community reflecting the Hawai'i experience

AFFORDABLE HOUSING QUESTIONS AND ANSWERS

What is HHFDC?

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/

What are the benefits of HHFDC’s Affordable Housing?

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

What are the buyer’s procedures?

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

What are the income limits for Affordable Housing?

Affordable Housing is for buyers earning 120% and below of the Area Median Income.

How do I know if I am eligible for Affordable Housing?

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

What is the deposit schedule?

Deposit Schedule Coming Soon. Per Affordable Housing HHFDC units, most have been 5%. Buyers are able to make more deposits if desired.

What is the Buyback Program?

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.

What is the SAE Program?

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.

When is the SAE paid?

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.

What are the documentation requirements?

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.

How is HHFDC’s percentage share calculated?

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.

How long must I live here before renting it out?

Affordable housing units must be used a primary residence for 10 years before renting it out.

What is the Maintenance fee?

The estimated maintenance fee is $0.50 per square foot.

Is there parking?

Yes. Every single unit has a parking space.

Is there a pool?

Yes. No. To keep maintenance fees low there is no pool. But there is a recreational area.

Is this a pet friendly building?

Yes. Pets are allowed! Number of pets and weight restrictions TBD.

HOW MUCH CAN I MAKE FOR AFFORDABLE HOUSING?

Ohana Hale will give priority to lower income households will have priority in the unit selection process.  If your income is over the 120% AMI level, you cannot qualify for an HHFDC unit but can qualify for a market unit.

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

All interested applicants must receive a project pre-qualification letter from one of the two project lenders shown below (American Savings Bank and Honolulu HomeLoans. You just need to get the pre-qual from them and you are free to use any lender, bank, credit union, or financial institution to fund your loan upon completion/closing. The pre-qual is free and no cost and they will not pull your credit.
​Let us know if you have any questions.

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