KUILEI PLACE
Affordable Housing Program
AFFORDABLE APPLICATIONS DUE APRIL 14TH!!!
The HHFDC will determine eligibility based on the information you provide in your Application Packet, including the following:
1. First-time homebuyer or Qualified Resident
2. US Citizen or permanent resident alien
3. At least 18 years of age
4. Is domiciled in the State of Hawaii and will physically reside in the unit purchased
5. Does not own a majority interest (more than 50%) in a fee simple or leasehold property suitable for dwelling purposes anywhere in the world
6. Does not have income exceeding 140% AMI (see table below)
7. Has sufficient gross income to qualify for the loan to finance the purchase
8. Has household assets for initial deposit and down payment
9. Demonstrates a need for affordable housing in accordance with state law
Affordable Housing Program
Frequently Asked Questions
What is the HHFDC?
The Hawaii Housing Finance and Development Corporation (HHFDC) is the primary agency overseeing affordable housing, financing, and development in Hawai‘i. For this project, it administers the State 201H affordable housing program. Its website is http://dbedt.hawaii.gov/hhfdc/
What are the advantages of the HHFDC Affordable Housing Program?
1. Allows eligible and qualified applicants to purchase at below market prices
2. Homebuyers have an opportunity to live in and purchase a brand new development
3. Prices are set by the HHFDC based upon area median income rather than market pricing
4. Share in future appreciation of your home
5. Home ownership which includes many benefits such as stabilized monthly payments
How much deposit is required?
The buyer must provide $500 at the contract signing and the remainder of 5% minus the $500 after 30 days from signing.
What kind of documents do I need to provide?
The HHFDC will require documentation to support your application. Refer to the Application Packet checklist. Some examples are: current year tax returns, W-2, 2 months of paystubs, and a letter of pre-qualification from a Lender. Lenders may have different requirements to determine loan pre-qualifications.
What is the Buyback Program?
The buyback program ensures the home remains affordable for a minimum of 10 years and gives the HHFDC or a qualified non-profit entity 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 required during this period. The restriction automatically terminates 10 years from the date the deed transferring ownership to the buyer, is recorded. HHFDC prior written consent is required for certain activities related to use, refinance, sale and transfer of the property.
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