Affordable Housing 310 Units Available
The 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*
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
Affordable and Market Prices
Are you ready to buy?
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.
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 Jonathan.Pang@LocationsHawaii.com.
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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