Hawaii Affordable Resale Program

The Hawaii Affordable Resale Program, administered by the Hawaii Housing Finance and Development Corporation (HHFDC), is designed to preserve long-term affordability for designated affordable housing units. By implementing resale price restrictions, the program ensures that these homes remain accessible to future buyers within the community.

Benefits

Maintains affordability by capping the resale price of designated affordable housing units, ensuring they remain accessible to low- and moderate-income buyers.
Provides opportunities for qualified buyers to purchase homes at below-market prices.
Promotes community stability and long-term economic growth by preserving affordable housing stock.
Supports eligible homeowners in building equity while maintaining affordability for future generations.

Eligibility Requirements

Applicants must meet income requirements, which vary based on household size and property location.
The property must be part of the Affordable Resale Program and adhere to established resale restrictions.
Buyers must use the property as their primary residence and cannot use it for investment or rental purposes.
Participants may need to complete a homebuyer education course to understand program guidelines and homeownership responsibilities.
Eligibility is subject to specific program criteria, including financial readiness and adherence to purchase restrictions.

Additional Information

The Hawaii Affordable Resale Program plays a critical role in addressing housing affordability challenges across the state. By maintaining price restrictions on designated affordable homes, the program ensures these properties remain within reach for future homebuyers. This initiative supports sustainable homeownership and strengthens communities by preserving affordable housing opportunities for generations to come.

Frequently Asked Questions About Our Program

What is the Hawaii Affordable Resale Program?

The Hawaii Affordable Resale Program, managed by the Hawaii Housing Finance and Development Corporation (HHFDC), offers eligible first-time homebuyers the opportunity to purchase repurchased condominium units at below-market prices, facilitating affordable homeownership.

Who is eligible to participate in the program?

Eligible applicants must be first-time homebuyers, defined as individuals who do not currently own and have not previously owned a home in Hawaii or elsewhere. Additionally, applicants must be U.S. citizens or permanent resident aliens, legal residents of Hawaii, and agree to occupy the purchased unit as their primary residence.

What types of properties are available through the program?

The program offers repurchased condominium units owned by HHFDC in various projects, such as Kapiolani Residence near Ala Moana Center, Holomua on Kalakaua Avenue, and Rycroft Terrace in the Kakaako-Ala Moana neighborhood.

Are there income limits for applicants?

Yes, applicants must meet area median income (AMI) requirements, which vary based on household size and are subject to change. It's essential to consult the latest program guidelines or contact HHFDC for current income limits.

What are the occupancy requirements?

Purchasers are required to occupy the unit as their primary residence throughout the duration of ownership, ensuring the program's goal of providing affordable housing to residents in need.

Is there a buyback provision associated with the program?

Yes, the program includes a 10-year buyback provision, allowing HHFDC the first option to repurchase the property if the owner decides to sell within ten years of the original purchase date.

What is the Shared Appreciation Equity clause?

The Shared Appreciation Equity (SAE) clause requires homeowners to share a portion of the property's appreciated value with HHFDC upon sale or transfer, helping maintain the affordability of housing units for future buyers.

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Are there any restrictions on refinancing the property?

Yes, refinancing the property within the first 10 years of ownership may be subject to certain restrictions. It's advisable to review the program's guidelines or consult with HHFDC before proceeding with refinancing.

Is homebuyer education required?

While not explicitly mandated, completing a homebuyer education course is highly recommended to ensure buyers are well-prepared for the responsibilities of homeownership.

How are applications prioritized?

Applications are typically processed on a first-come, first-served basis, subject to eligibility verification and availability of units.

Are there any fees associated with the application process?

Applicants may be required to pay certain fees during the application and purchase process. It's important to review the program's information packet or contact HHFDC for details on any applicable fees.

Can I rent out the property after purchase?

No, the program requires that the purchased unit be owner-occupied as the primary residence. Renting out the property is not permitted under the program's guidelines.

What happens if I need to sell the property within the 10-year buyback period?

If you decide to sell the property within the 10-year buyback period, HHFDC has the first option to repurchase the unit at a price determined by the program's guidelines.

Are there asset limits for applicants?

The program may impose asset limits to ensure assistance is provided to those in need. Applicants should consult the latest program guidelines or contact HHFDC for specific information on asset limitations.

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Is there a deadline to apply for the program?

Application periods may be announced periodically, with specific deadlines for submission. It's important to stay informed about current offerings and their respective application deadlines.

Can I apply if I have previously owned property outside of Hawaii?

No, to be eligible, applicants must not have previously owned a home in Hawaii or elsewhere, ensuring the program benefits true first-time homebuyers.

What documentation is required for the application?

Applicants will need to provide proof of income, residency, citizenship or permanent resident status, and other relevant documents as specified in the application packet.

How can I stay informed about available units and application periods?

Staying informed about available units and application periods is crucial. Regularly checking official HHFDC announcements and local housing resources can provide the most up-to-date information.

Are there any post-purchase requirements?

Post-purchase, homeowners must adhere to the program's occupancy requirements, maintain the property, and comply with any other conditions outlined in the purchase agreement.

What support is available if I have questions during the application process?

For questions during the application process, applicants can refer to the program's Frequently Asked Questions document or contact HHFDC directly for assistance.