Affordable Housing Program

 

The Park on Ke’eaumoku’s Affordable Housing Program is a wonderful way to join the brand new condominium community with full size residences and a down payment of 10%.

You’ll enjoy The Park on Ke’eaumoku’s open floor plans crafted with comfort and care, floor-to-ceiling glass windows, a private open-air lanai with every unit, secured covered parking, and seamless access to a selection of amenities at the multi-acre development such as an infinity pool, private cabanas, movie theatre, yoga and fitness studios, private party rooms with an outdoor lanai, and barbeque pavilions.

There are City & County restrictions on qualifying to purchase through the Affordable Housing Program and specific rules should you need to sell your property within the 30 year restricted period. The intent of the program is to provide affordable housing to the people of Hawaii for generations to come.

Steps To Apply

1

Visit The Park on Ke’eaumoku’s website or pickup an information packet at our Sales Gallery at 1440 Kapiolani Blvd.,Suite 1020 (open daily from 10 am – 5:30 pm) to meet with one of our Sales Consultants to help guide you through the process. If you are working with a broker, your agent must accompany you on your first visit to the Sales Gallery.

2

Verify that you meet the basic qualifications for the Affordable
Housing Program.

  1. Be a citizen of the United States or a resident alien.
  2. Be at least eighteen (18) years of age.
  3. Be domiciled in the State of Hawaii and have a bona fide intent to physically reside in the AH unit as an owner-occupant for the duration of the restriction period.
  4. Total gross household income does not exceed the unit’s designated income limit.
  5. Have sufficient gross household income to qualify for a mortgage and spend no more than 33% of gross household income toward monthly housing payments.
  6. Be a person or household member who, either oneself or together or with a household member, do not own or have not owned for three years prior to this application, a majority interest in fee simple or leasehold lands suitable.
  7. Total net available household assets does not exceed the purchase price of the unit.
  8. Not be a person who has previously received assistance under a program designed and implemented by any State or county agency to assist persons to purchase affordable housing units.
  9. Click here to review the official DPP Rules & Eligibility Requirements
3

Meet in-person or virtually with a Loan Officer from one of The Park’s Project Lenders to determine eligibility and qualification. The Loan Officer will determine what price range and type of unit will work for you within the Affordable Program guidelines. An Income Verification Worksheet will be filled out and Qualification Letter provided.

Document List for Lenders
  • 2 years of Federal taxes
  • 2 years of W2’s and 1099’s
  • Paystubs or equivalent covering a 2-month period
  • Bank statements showing interest rate or interest earned
  • Gift letter, divorce decree, marriage certificate, etc. if applicable
  • Identification of all household members
  • If a household member has no income, then they can write a letter stating the time period they haven’t worked AND that they do not intend to work for at least 1 year
    ・Providing a reason is helpful, but not required unless requested by DPP
  • Affordable Housing Income worksheet (lender to complete)
4

Have your Owner Occupant Affidavit notarized and return to your Park’s sales consultant to review your completed application. Due date for application is Saturday Oct. 15, 2022.
Download the Application and Affidavit here.

5

At the Lottery, you will receive a selection number to determine the order to select a unit that falls within your qualifications.

6

Your completed application packet with your first choice of unit will be submitted to the City & County for final review.

7

Upon acceptance, you will be contacted to sign a contract and put down $1,000 towards your initial deposit. The balance of 5% will be due at the end of your 30-day right to review and cancel. A final 5% will be due three months later (120 days after signing your contract).

8

Your Sales Consultant and Loan Officer will stay in touch during the construction of the building to provide further information and timelines as completion nears.

FAQ

Yes, as an affordable housing unit owner you will have the same access to the building and amenities as every other resident in the project.

No—our Affordable units feature spacious floor plans you’ll find in our Market brochure.

Yes, you will have access to the expansive amenity deck with a movie theatre, infinity pool, private BBQ pavilions, fitness center, sauna, and co-working space.

Yes! (2) pets each under the maximum weight limit of 80 lbs. No pet may exceed eighty (80) lbs. in weight. No infant or juvenile pet of any type or breed, which, when fully grown, is likely to exceed eighty (80) lbs. in weight, may be kept in the Project.

A 10% total deposit is required within the first 120-days of signing the sales contract which payments are broken down into three (3) payments. An initial $1,000 deposit will be required at contract signing. A second 5% deposit less your initial $1,000 initial payment is due at the end of your 30 day rescission period. A third and final deposit of 5% is due 120 days after contract singing.

There are eight (8) eligibility requirements for this affordable housing offering that prospective buyers need to confirm at the time of submitting their application:

  1. Be a citizen of the United States or a resident alien.
  2. Be at least eighteen (18) years of age.
  3. Be domiciled in the State of Hawaii and have a bona fide intent to physically reside in the AH unit as an owner-occupant for the duration of the restriction period.
  4. The total gross household income does not exceed the unit’s designated income limit.
  5. Have sufficient gross household income to qualify for a mortgage and spend no more than 33% of gross household income toward monthly housing payments.
  6. Be a person or household member who, either oneself or together or with a household member, do not own or have not owned for three years prior to this application, a majority interest in fee simple or leasehold lands suitable for dwelling purposes.
  7. Total net available household assets does not exceed the purchase price of the unit.
  8. Not be a person who has previously received assistance under a program designed and implemented by any State or county agency to assist persons to purchase affordable housing units.

AMI or “Area Median Income” means the Area Median Income determined by the United States Department of Housing and Urban Development (“HUD”) annually for the Honolulu Metropolitan Statistical Area as adjusted for household size and published by Department of Planning and Permitting, City and County of Honolulu (“DPP”).

Every affordable housing unit at The Park on Keeaumoku includes one (1) parking stall. If you do not have a need for a parking stall, you have the option to reduce your purchase price by $35,000 by returning that stall to the Seller/Developer. Contact a sales representative for details.

Owners who need to sell during their affordable period will need to notify the Director designated by DPP. They must provide The City and County of Honolulu’s Budget of Fiscal Services (BFS) or qualified Non-Profit Housing Trust the first right of refusal.

If they do not purchase the affordable unit, then the owner must sell their unit to a qualified buyer who meets the same AMI group as the original owner and all eligibility requirements from the affordable housing rules. The new buyer will also have to fulfill the remaining affordable period and be approved by DPP.

No. If the property is sold within the 30 year affordable period, the calculation is simply that the price may not exceed the sum of: (1) The original cost of the affordable housing unit to the owner; (2) The cost of any property improvements added by the owner; and (3) Simple interest on the original cost of the unit plus property improvements by the owner at the rate of one percent (1 %) per year the affordable housing unit has been occupied.

The estimated monthly maintenance fee is approximately $0.81 cents per square foot plus which includes sewer, water and common area maintenance.

The restriction period is the period that which the affordable units needs to remain affordable under the affordable housing agreement and the City’s Affordable Program and Restrictions. There is a 30 year affordability period.

2022 income limits for Affordable Housing units designated for households earning:


Household Size 100% of AMI 120% of AMI Eligible Home Size
1-person household $91,500 $109,800 Studio, 1 Bedroom
2-person household $104,500 $125,400 Studio, 1 Bedroom, 2 Bedroom
3-person household $117,600 $141,120 1 Bedroom, 2 Bedroom
4-person household $130,600 $156,720 2 Bedroom
5-person household $141,100 $169,320 2 Bedroom