The Hawaii Housing Finance & Development Corporation (“HHFDC”) is accepting ELECTRONIC applications from qualified “first-time homebuyers” interested in purchasing an affordable, fee simple HHFDC-owned unit in accordance with HHFDC’s Affordable Resale Program (the, “Program”). First- time homebuyers must meet all requirements including eligibility, income and assets and shall be subject to HHFDC’s 10-year Use, Sale and Transfer (“buyback”) Restriction and Shared Appreciation Equity (“SAE”) Program Agreement. Applicant’s total household income must meet the project area median income (AMI) according to household size to purchase a unit in the Project. See the Program packets for additional information including income limits according to household size and AMI. The units are located in Honolulu, Oahu as follows.
Project Name No. of Bed/Bath/ Square AMI Price Range
Units Parking Feet
Holomua Condominium 2 1/1/1 354 sq ft 80% and $325,000 – $400,000
Kapiolani Residence 3 Studio/1/1 400 sq ft 80% and $350,000 – $425,000
Rycroft Terrace 1 1/1/1 520 sq ft 80% and $325,000
A ‘first-time homebuyer’ is a qualified resident who has not owned any unit anywhere in the world for a period of one year prior to the date of application for an affordable HHFDC unit. A ‘qualified resident’ is a person who, is a U.S. citizen or permanent resident alien; at least 18 years of age; is a legal resident of the state of Hawaii; will reside in the unit purchased; and does not own a majority interest in fee simple and/or leasehold lands suitable for dwelling purposes or under any trust agreement or other fiduciary arrangement in which another person holds legal title to such land anywhere in the world, either by the applicant, applicant’s spouse, household member, or together with a household member or spouse (unless separated and living apart under a decree from a court of competent jurisdiction); and has sufficient gross income to qualify for the loan to finance the purchase.
HHFDC’s Intake Form & Project Application and Information packets are only available by DOWNLOAD from the HHFDC’s website at http://dbedt.hawaii.gov/hhfdc/ until 4:00 pm on April 11, 2022. “Completed” applications must be turned in ELECTRONICALLY to the HHFDC using the HHFDC-issued access code by 4:00 pm on April 11, 2022 to be considered for a Program unit. Turn in the completed Intake Form by email to HHFDC.RESS@hawaii.gov to receive a unique access code to upload the “completed” application for HHFDC review and determination of eligibility.
Units will be available to any eligible purchaser without regard to race, sex, color, religion, marital status, familial status, national origin, person with a disability status, age, or HIV infection. The information contained herein is subject to change without notice.
This 30-day initial public offering is being made directly by the HHFDC without the use of a real estate sales broker/agent. A list of FAQs is included in the Program packets. Additional questions may be EMAILED only to HHFDC.RESS@hawaii.gov. Allow 48-72 hours for a response.
(SA1363947 3/11, 3/14, 3/23, 3/28/22)