165 Affordable Units Available 

Ililani will give first-time homebuyers attainable housing options in an amazing Location in Metro Oahu in Kakaako. The building will have just about 50% dedicated towards Affordable Housing under the HHFDC (Hawaii Housing Finance and Development Corporation) program. Typically developers need to set aside at least 20% towards affordable housing, but Kam Development LLC has set aside 165 of of 328 units to go to first-time qualified homebuyers who are Hawaii residents. The remaining 163 units will be sold at Market Value and will open for owner occupants and investors.  ​

Affordable Price Ranges - Coming Soon​

• 1 bedrooms - $312,000 - $584,000 (131 Units)
• 2 bedrooms - $373,000 - $657,000 (34 Units)

Maintenance Fee: $0.58. Will cover sewer, water,  and the common area elements and amenities of the project 

*Tentative Schedule: July 26 Start of Affordable Applications.
August 24 at 5pm LAST DAY TO TURN IN APPLICATIONS*

ILILANI AFFORDABLE PRICE SHEET 

Ililani Price Sheet

APPROVED PROJECT LENDERS 

Part of the application will be to get a project pre-qualification letter from one of the following lenders. It is highly advised to start as soon as possible, as they will get busy the longer you wait. Remember, you do not need to use the person who issued your project pre-qualification for the actual loan. You can use whoever you want even if the lender or bank isn't listed as a project lender. If you need help, let me know if you need recommendations and I can refer a few great lenders. 

Income Limits - 2019 HHFDC Numbers 

Ililani will be a little different from the most recent Affordable Housing Project (The Central Ala Moana). This time around buyers will not have a minimum income limit, meaning you simply need to be under the 140% area median income (AMI) limit which is shown on the graph below. Per HHFDC the area median income will be classified by family size and you may use the table below see which bracket you fall under. The important thing to remember is that you need to be under the 140% AMI range based on your household size. This will also be different from The Central in the sense that Ililani will be using 2019 income limits instead of 2018 income limits. 

Affordable Housing Restrictions Explained

Courtesy of the Ililani Sales Team

FREQUENTLY ASKED QUESTIONS 

What is HHFDC?

The Hawaii Housing Finance and Development Corporation (HHFDC) is the primary agency charged with overseeing affordable housing, financing, and development in Hawaii.Their website is http://dbedt.hawaii.gov/hhfdc/

What are the benefits of HHFDC’s Affordable Housing?

1. Allows eligible and qualified applicants to purchase at below market prices
2. Homebuyers have an opportunity to live in town at a brand new development that fits their budget
3. There are no asset limits
4. Gifting and co-signing provide an opportunity for homeownership.
5. No household limitations (subject to the City and County of Honolulu ordinances)
6. SAE is a percentage of appreciation and can be paid off at any time after close

What are the buyer’s procedures?

1. Sign up to receive updates on when the Application Packet will be released
2. Fill out the Application Packet and meet with a Lender for pre-qualification
3. Return the completed packet to the Sales Center
4. HHFDC First Review – Review of applications to determine eligibility
5. Public Drawing
6. HHFDC Second Review – Assignment of Property Selection Number (PSN)
7. Unit Selection & Contract Signing

What are the income limits for Affordable Housing?

Affordable Housing is for buyers earning 140% and below of the Area Median Income.

How do I know if I am eligible for Affordable Housing?

The HHFDC will determine eligibility based on the information you provide in your Application Packet, including the following:
1. US Citizen or permanent resident alien
2. At least 18 years of age
3. Resident of the State of Hawaii who currently resides in the State of Hawaii
4. Shall physically reside in the unit purchased
5. Does not own a majority interest (more than 50%) in a fee simple or leasehold property anywhere in the world
6. Has sufficient gross income to qualify for the loan to finance the purchase

What is the deposit schedule?

The buyer will need to provide $500 at contract signing and the remainder of 5% minus the $500 after 30 days.

What is the Buyback Program?

The owner is required to be an owner occupant for 10 years. The buyback program gives the HHFDC 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 a requirement during this period. The restriction automatically terminates at the end of 10 years from the recording date.

What is the SAE Program?

SAE is Shared Appreciation Equity. This is the sharing of the property’s net appreciation with the HHFDC in exchange for the buyer’s opportunity to purchase at below market prices. The SAE percentage is calculated prior to closing and once determined, does not change.

When is the SAE paid?

The SAE must be paid when the property is sold, transferred or rented. Owners also have the option of paying it off at any timeafter closing.

What are the documentation requirements?

The HHFDC will require documentation to support the buyer’s application. Some examples are: current year tax returns, W-2, 2 months of paystubs, and a letter of pre-qualification from a Lender. Lenders will have different requirements to determine loan pre-qualification.

How is HHFDC’s percentage share calculated?

The formula 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.

If I am a single person, can I purchase a two or three-bedroom unit?

Yes, you may select from any available unit that you are eligible (determined by HHFDC) and qualified (as determined by Lender)to purchase.

Are you ready to buy?

Ililani is going to be an amazing opportunity for those lucky enough to qualify and get picked during the lottery. It's a great project within a very vibrant and lively neighborhood which is great, especially if you're going to be living in the unit for the next 10 years. Feel free to contact me at anytime with any questions that may come to mind and be sure to read up about the building using the button below. 

REGISTER YOUR INTEREST TO BE KEPT UP TO DATE 

Brad K Dang (R) and Coldwell Banker Realty DOES NOT represent the Developer/Seller but are Buyer's Agents in respect to any sale within the project Ililani. The Seller/Developer, Kam Development LLC is represented by an outside real estate company.

As a buyer's agent, Brad will be there to help you every step of the way and will look after your best interests. Brad is a full-time Realtor in the state of Hawaii at Coldwell Banker Realty who specializes in new project construction on Oahu. 
​
Brad has most recently helped numerous buyers within Ward Village, Hoopili, and various other new projects across the island. Brad has also personally represented the developer and was part of the Ilikai sales team and was part of the Kamehameha School's lease-to-fee team. 

​All information and renderings are subject to change by the developer. For information regarding prices, floor plans, and how to apply, please contact Brad Dang.

If you would like to receive regular updates regarding this project, please let me know so that I may help you. To give yourself the best possible chance of securing a unit, please contact me at 808.520.3710 or at
[email protected]​ . Or simply register at the top of this page or right below.

REGISTER MY INTEREST