Luckily SamKoo Pacific, LLC has been a pioneer when it comes to bringing affordable housing units to Oahu. They recently sold Kapiolani Residence which is set to open at the end of this year and it had 60% go towards affordable housing. Their next project, The Central Ala Moana, will be their second project and will give another 60% to affordable housing (310 units) which is more than 3 times the normal requirement.
"According to Paul Brewbaker, former State Economist and Preseident of TZ Economics; Oahu needs 3500 new housing units per year."
Unfortunately, the state typically issues a maximum of 1500 permits for new housing. Building permits issued between 2009 and 2014 were lower than in any period since WWII. Because of this, each year we fall behind by 2000+ housing units.
Affordable housing however requires a fine balancing act. You need to make under a certain income but you need to make enough to qualify for the loan. For affordable housing, they work backwards using the area median income and price the units accordingly based on what that income bracket can afford. Plus they also allow gift funds, or co-signers.
If you missed out on Kapiolani Residence and are looking for the next affordable housing project, then The Central Ala Moana is what you have been waiting for. Don't forget to sign up today to get the latest information below!
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
Connect With Me
©2018 Jonathan Pang (R) Certified Residential Specialist, Certified International Property Specialist, and New Projects Specialist. Hawaii Real Estate License #RB-22025. All Rights Reserved.