Finally, Affordable Housing That Makes Sense
Feeling like homeownership is out of reach? Or discouraged at the condition of the properties in your budget? How does a BRAND NEW 2 or 3 bedroom, 2 story, 935-1086 sf townhouse with a fenced yard, 2 parking spaces, and low maintenance fees sound? All for nearly the price you’re paying for rent! Sales price of $409,000 and $429,000 sound like good numbers to you? With figures like these, it’s time to stop renting and become a homeowner.
‘Ilima at Ho’opili
D.R. Horton’s newest multi-family project is here! ‘Ilima is comprised of 12 buildings total, divided into 76 units. What makes this community unique is the townhomes are built in an attached row house style. Each unit is 2 stories, with no neighbor above or below! ‘Ilima features seven 2 & 3 bedroom floor plans ranging from 935 sf up to 1860 sf. Eight of the 12 buildings are market homes, meaning D.R. Horton will sell them at market pricing. The remaining four buildings are affordable units requiring purchasers to meet eligibility guidelines set forth by the City and County of Honolulu.
120% Affordable Release
This week’s lottery is a 120% Affordable Release. This rare opportunity is one that shouldn’t be missed. Let me explain! D.R. Horton has partnered with the City and County of Honolulu to offer designated “Affordable” units. Interested Buyers must meet eligibility factors to purchase one of these units. I’m sure we’ve all heard the term “affordable housing,” as much of an oxymoron that is when referring to Hawaii real estate. Much of the time, affordable housing means either rentals or that buyers have to fit into this tiny little box in order to be eligible to purchase an affordable unit. The primary criteria for buyers to meet are income limits. I’ve seen releases in the past at the 80% income bracket. This means that buyers, according to household size, must not make above 80% of Honolulu County’s median income. Buyers often either ranked above this income level or if they were making 80% of the median income, they found it difficult to afford even the “affordable” units. To put this into perspective, let’s take a family of four, for example. At 80% median income, a family of 4 would be deemed ineligible if they grossed above $96,400 annually. With this current release at the 120% median income, a family of four can gross up to $144,600. This opens the door for so many to realistically purchase and “afford” a unit.
Income and occupancy restriction chart
Are You Eligible?
Affordable housing eligibility requirements:
- Must be at least 18 years of age
- Must be a U.S. Citizen
- Must be a Hawaii resident
- Cannot own property for the year prior to application submission
- Must meet income limits according to family/household size (See chart above)
- Must meet occupancy restrictions, # of people to # of bedrooms (See chart above)
- Unit must be owner-occupied
- Must abide by 10-year buy-back restriction (As long as you intend to reside in the unit for at least 10 years this should be of minimal concern. If for any reason the unit must be put up for lease or sale prior to the 10-year marker, then one must revert to the Affordable Housing Rules. The unit must first be offered to the City for repurchase, and if declined, the City may require that the unit be leased or sold to another individual qualified under the affordable guidelines. Reason for vacating must be submitted in writing, and hardships such as military deployment or severe illness waivers may be requested. All restrictions are lifted upon reaching 10 years.)
Pricing & Floor Plans for this Release
There are eight total units in this building that are all being released in this upcoming lottery. Half the units are 2 bedroom, 2.5 bathroom, 935 sf, priced at $409,000. The other half of the units are 3 bedroom, 2 bathroom, 1086 sf units priced at $429,000. Again, each unit comes with a private fenced yard and two parking stalls. Also, just because these are affordable units, don’t think you’re being shortchanged in any way. D.R. Horton still includes their quality builder finishings. Smart home products such as Amazon Echo and SkyBell video doorbell that have become a builder standard are included along with a few other tech touches. Don’t forget all the immediate amenities of master-planned Ho’opili and being near schools, shopping, Kroc Center, Ka Makana Ali’i mall, UH West Oahu, future transit stations, and more. Completion and move-in is projected for early 2020. Don’t miss this opportunity.
How Do I Enter The Lottery?
If you like what you’ve read thus far and would like to enter the current ‘Ilima lottery, contact me! I will guide you through filling out the lottery registration, housing application, and getting pre-approved for financing. Everything can be completed within a day or two.
If you are interested in a future release at ‘Ilima, or any other community in master-planned Ho’opili, or any other property on Oahu, I would be honored to be your chosen real estate professional. Please feel free to call or email me.