Kuilei Place, Affordable Housing For Sale
The affordable housing options for purchase lately have been less desirable for a few reasons but this new project might suit you well. Let’s take a look at the latest release of an affordable housing project in the Honolulu area, located in Moiliili at 2599 Kapiolani Blvd., Kuilei Place. It is centrally located into town, closer to Diamond Head, Waikiki and Kaimuki versus Downtown/Kaka’ako/Ala Moana areas.
The Kobayashi Group is the well-known luxury developer on this project and have successfully completed Hokua, Park Lane and One Ala Moana, just to mention a few. This development will be huge, with over 1,000 units (1,005 to be precise), 603 affordable and 402 market units. One bedrooms are starting at $370,600 FS and those 1 bedrooms are starting at a comfortable 494sf. Close to double the studio sizes at some of the previous affordable releases. Kuilei Place’s is estimated completion date is at the end of 2026.
Residence Brochure: CLICK HERE
Amenities and lifestyle are looking pretty sweet, not gonna lie! Looks like this development will help transform the neighborhood and bring a new energy to Moiliili. Keep in mind this is a huge development so ample amenities will be needed for a place of this size and high owner occupancy. My first mention I’m excited to share are the sustainable measures and features they are introducing such as a grey water reuse system, centralized solar hot water heating, health & fitness focused amenities, EV charging, Energy Star rated appliances and lighting and more!
Additional amenities & features to brag about:
•Two Indoor Fitness Centers
•Outdoor Fitness Lawn
•Walking Path With Fitness Stations
•Resort-Style Swimming Pool
•Two Dog Parks
•Bike and Surfboard Storage
•Multiple Reservable BBQ Cabanas
•11 Outdoor BBQ Grills
•5 Private Club Rooms
•Laundry Facility For Bulky Loads
•Ample guest parking
Lifestyle Brochure: CLICK HERE
Restrictions on these units are key to moving forward. First and foremost, a 10-year buyback, you need to live in the unit for 10 years and cannot rent it out during that time. You can sell it within that time frame but HHFDC has the first right to purchase it from you at a set price and if not sold to them, will need to be sold to another qualifying buyer who meets the affordable housing requirements at the time of that sale. You cannot sell it for market value, HHFDC will give you a set price. Another important restriction is the shared appreciation equity, SAE. This is different than other programs you may have seen such as the HCDA shared appreciation. It’s a lower amount and is calculated once and must be paid off by the original buyer at the time of sale, transfer or being rented out after the 10 years. It can be paid off at any time prior if desired. The standard formula for calculating the SAE 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.
Here are the eligibility requirements:
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, who has not owned any unit anywhere for a period of one year prior to the date of this application. 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 chart 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
There are no asset limits which is awesome and gift funds are allowed but may not exceed 35% of the purchase price and must come from a relative. You can get help with qualifying for your mortgage through co-signing but the co-signer cannot live in the home.
Did you want to setup an appointment to learn more on if you are eligible and qualify for Kuilei Place? Let us know, we can help! Kuilei Place has already released their applications for market units and affordable units should be soon if not already by the time you read this. To be honest, it's a lot of pages and I suggest setting up an appointment to go pick-up a packet they will have ready for you and printed out. If you decide to download it, you will fill out their online form and they will ask if you are working with a broker. I would suggest you choose your favorite Realtor so you have representation. Being represented by a buyer's agent is no cost to you but provides you with a real estate agent advocating for you during the entire purchase process of a new development. Let me know if you would like buyer's representation, we are here for you, I have helped many buyers through this process on other developments, managed an affordable housing project and have even assisted in selling these properties during and after the buyback periods. There is a lot to know when purchasing these types of homes and we are here to serve you!
Christina Laney Mitre
RS-67243, CRS, GREEN, SRES
*All photos and brochures of Kuilei Place is credited to the Kobayashi Group and sales team. www.kuileiplace.com