The Central Ala Moana built by SamKoo Pacific LLC will be SamKoo's second tower located on the corner of Kapiolani Boulevard and Kona Iki Street. This Central will be a 43 story building and will feature 512 units. They will set aside 60% (310 units) towards affordable housing and the other 40% (202 units) will be sold as market units. Construction to start 2nd quarter of 2019.
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The Central Ala Moana by SamKoo
Unit Breakdown: 512 units (310 Affordable & 202 Market)
MARKET PRICES: $580,000 - $1,398,000 (No Market Studios) SOLD OUT
Typical Tower Floor Plan
- 3 Studios (grey),
- 4 One-bedrooms (orange),
- 5 Two-bedrooms (blue), and
- 1 Three-bedroom (green).
Mountain and Ocean Views
The Central Ala Moana will have a mix of Mountain and Ocean view units. The Ocean side will definitely be the more costly of the two sides but will boast incredible Ocean Views overlooking Magic Island, Ala Wai Boat Harbor, and Ala Moana Beach. This side will most likely be the more popular of the two because the only thing in front is Park Lane and Ala Moana Shopping Center and there is less of a chance that something will be built in front of you.
The Central Ala Moana will be a higher grade building compared to their first project Kapiolani Residence. The Central Ala Moana will have the following amenities:
Affordable Housing Income Limits
Approved Project Lenders
Frequently Asked Questions
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 on when the Application Packet will be released
2. Fill out the Application Packet and meet with a Lender for pre-qualification
3. Return the completed packet to the Sales Center
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 140% 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
The buyer will need to provide $500 at contract signing and the remainder of 5% minus the $500 after 30 days.
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.
Yes, you may select from any available unit that you are eligible (determined by HHFDC) and qualified (as determined by Lender)to purchase.