Affordable Housing 310 Units AvailableThe Central Ala Moana will give first-time homebuyers attainable housing options with a extraordinary quality and a fantastic Location. The building will have 60% dedicated towards Affordable Housing under the HHFDC (Hawaii Housing Finance and Development Corporation) program. SamKoo Hawaii, LLC has been a pivotal advocate for affordable housing and has generously set aside 310 of of 512 units to go to first-time qualified homebuyers. The remaining 202 units will be sold at Market Value and will open for owner occupants and investors.
Affordable Price Ranges - $286,000 - $700,000's
*Affordable Applications Due - January 14, 2019 at 5pm* |
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Income Limits
The Central Ala Moana will be a little different from it's predecessor Kapiolani Residence. This time around buyers will be allowed to make up to 140% of the 2018 area median income (Kapiolani Residence was up to 120%). Per HHFDC the area median income will be classified by family size and you may use the table below see which bracket you fall under. The important thing to remember is that you need to be within the 80% to 140% AMI range.
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.
APPROVED PROJECT LENDERS
Part of the application will be to get a project pre-qualification letter from one of the following lenders. It is highly advised to start as soon as possible, as they will get busy the longer you wait. Remember, you do not need to use the person who issued your project pre-qualification for the actual loan. You can use whoever you want even if the lender or bank isn't listed as a project lender. If you need advice on picking a lender feel free to reach out to me. Photo files are located down below should you need to zoom in on their contact information.
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Affordable and Market Units
Affordable and Market Prices
Are you ready to buy?
The Central Ala Moana is going to be an amazing opportunity for those lucky enough to qualify and get picked during the lottery. It's a great project with very large floor plans which is great, especially if you're going to be living in the unit for the next 10 years. Feel free to contact me at anytime with any questions that may come to mind and be sure to read up about the building using the button below.
Register your interest to be kept up to date
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Jonathan Pang (R) and Locations LLC DOES NOT represent the Developer/Seller but are Buyer's Agents in respect to any sale within The Central Ala Moana. The Seller/Developer, SamKoo Hawaii, LLC is represented by Century 21 iProperties Hawaii.
As a buyer's agent, Jonathan will be there to help you every step of the way and will look after your best interests. Jonathan is a full-time Realtor in the state of Hawaii and a Broker-In-Charge at Locations LLC who specializes in new project construction on Oahu.
Jonathan's has most recently helped the Howard Hughes Association as a sales team member for Aalii in Ward Village and has successfully helped clients with the sales of Anaha, Aeo, Akoko, Hauoli Lofts, Ke Kilohana, Keauhou Place, Koula, Symphony, Seabridge, and Kapiolani Residence. |
All information and renderings are subject to change by the developer
If you would like to receive regular updates regarding this project, please let me know so that I may help you. To give yourself the best possible chance of securing a unit, please contact me at 808.753.7048 or at [email protected].
If you would like to receive regular updates regarding this project, please let me know so that I may help you. To give yourself the best possible chance of securing a unit, please contact me at 808.753.7048 or at [email protected].
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The Seller and Developer, SamKoo Hawaii, LLC, was represented by Century 21 iProperties Hawaii. Jonathan Pang (R) and Coldwell Banker Realty does not represent the Developer/Seller but are Buyer’s agents with respect to any sale in The Central Ala Moana or any other area. All images, maps, and videos are visuals to help understand the vicinity and are subject to change due to the developer.
Coldwell Banker Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates and are not employees of Coldwell Banker Realty |
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©2018 Jonathan Pang (R) Certified Residential Specialist, Certified International Property Specialist, and New Projects Specialist. Hawaii Real Estate License #RB-22025. All Rights Reserved.
